Early Pension Release Over 55
Do you have a pension in the UK? Are you thinking of releasing the tax free cash from your pension now or sometime soon? More and more UK people who have a UK pension are looking to release their pension as soon as they reach 55 years of age. Early pension release over 55 means exactly that! It means you can take a lump sum cash amount from your pension early. There are a number of ways you can cash in or release your pension if you’re over 55. You could contact your pension provide or you can simple contact us here at Sell Pension for free information on how to best release your pension pot. Pension release over 55 is a fantastic way to unlock cash but you should really think about the idea of releasing the cash at 55 is actually a good idea or should you keep your pension pot in tact and keep the pension in the same place until you are older. We are seeing more and more clients working past the age of 55 so because they are continuing to work past 55 they do not need to release their pension when they reach 55 because they are generating an income of some sort. If you would like more information about pension release when you are 55 or over feel free to contact us for free guides and information.
How much of my pension can I take as a lump sum at 55
How much of my pension can I take as a lump sum at 55? Did you know this is one of the most popular and common questions we are asked. There is still a lot of confusion in the pension world when it comes to how much of your pension you can actually take as a cash lump sum at 55. The short answer is 25%. This is the tax free lump sum you can take from your pension at 55 years of age. Surprisingly there is still a lot of confusion about this. Some people think as a lump sum you can take more and some people people think its a lot less. You should always double check with your pension provider the type of pension you have but make sure you still consider if releasing your pension at 55 is a viable option for you.
How long does it take to receive lump sum pension?
This question sometimes feels like; ‘how long is a piece of string’ when we are asked; ‘how long does it take to receive lump sum pension?’ A lot of this comes down to your responsive your pension provider is and what type of pension you have. We have seen some UK pension pot holders receive their lump sum pension as quickly as 2 weeks and we have seen others receive their pension lump sum in as long as 8 weeks. Sometimes it even comes down to the level of resources and customer support your pension provider offers and the depth of the customer support when dealing with releasing your lump sum pension amount. The best way to ensure you do receive your lump sum in a timely manner is to try and plan ahead the best you can if possible and so you can build in any potential delays that could occur.