cashing in pension
Cashing in pension your pension early UK
Did you know that about 25% of the population now ask the question; cashing in my pension – is it possible? We always tell our customers – YES! It is possible, but you should know that there is a process that you will need to follow and will need to work with your UK pension provider to help to release any of your pension funds. Cashing in a pension is take some time, from what we have learnt over the years it can take anywhere from 3 weeks right up till 3 months to cash in any pension regardless of the type of pension pot you have…
Why do UK pension holder think cashing in your pension is good idea
Well, it simple terms it is because of debt! The vast majority of UK pension holders that have a pension fund above £27,000, attempt to cash in their pension pots because of debts. One in five people owe money to their landlords, owe rent or owe money to some other creditor. So, if you have a pension pot that you can touch until you are 55 it really does not help you out much. So, imagine the possibility of cashing in your pension BEFORE 55? Now that would be magic! There is only a hatful of companies that allow this and here at sellpension.co.uk we are one of them!
Cashing in pension – the top 5 reasons UK population do this
1 – Debt
2 – Start a business
3- Pay for a wedding
4 – Pay for a new car
5 – other reasons that are unknown
We have spoken to and dealt with over 150,000 pension clients and from what we understand the above are the main reasons why pensions are cashed in. The 5th reason on our board is ‘unknown’ this is because it could be literally anything.
What you should think about before you think about cashing in your pension pots
You should ask yourself before you think about cashing in your pension – do I really need the cash? Can I wait till I am 55? Will I miss my pension? Will I need my pension when I decide to retire? What if think about cashing in early but then I regret it?
We can help you to cash in your pension early but have a think if it is something you want to do. Once your pension pot has gone early before 55 then it can be difficult to turn back. If you try cashing in your pension under 55 you will be more than likely face a huge tax bill that could be as high as 55%. If you are facing ill health then this could be different as the 55% tax bill may not be applicable. If you are looking at cashing in your pension you should really speak to a qualified IFA – To get started simply contact us for more information.
Cashing in your pension: Did you know?
If you want to pursue the idea of Cashing in your pension pot then did you know – you it may not give you a secure or 100% reliable retirement income. You could get further guidance from local pension government agencies to learn more about retirements and your pension
Cashing in pension early in uk
Remember what we mentioned earlier in the article?! You need to think about if it is the right thing for you to do. We all need to cash and boost in your cash earnings can easily be achieved if your pension pot is of a decent amount. You should also bear in mind that the pension freedom rules that were introduced back in April 2015 meant that we now all have much greater access to our pension pot cash at the age of 55 and NOT just the 25% it used to be. So we could help you cash in 25% of your pension cash at ANY AGE and you could reinvest the rest of your pension into something elseClick Here To Get Started!