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.
How Do I Release My Pension At 55?
How do I release my pension at 55? quite a lot of people in UK do not know how to release their pension pots when they reach 55, and it can be quite daunting and confusing, especially if you have never gone through the process before. If you want to know how you can release your pension when you are 55 years or older you can simply contact us and we will tell you for free! Each pension is different and is dependant on the type of pension you have and who your provider is will make a difference when it comes accessing your pension cash when you have reached at least 55 years of age.
If you have a government pension or a defined benefit then it could be difficult to release your tax free pension cash as pension such as the defined benefit pensions are considered to be one of the best types of pensions you can have, and are now not available
If you have a private or personal pension then this type of pension will be much easier when it comes to unlocking your pension cash early and when you are at least 55. You could contact your pension provider directly and enquire about the next stages in terms of releasing your pension.
Make Sure You Are At Least 55 Years Of Age Before Releasing Your Pension
In order to release your pension you must be at least 55 years of age and have a UK pension. If you have already released your tax free pension the you cannot release anymore pension cash that will be tax free. Tax free cash from your UK pension only applies to pensions that have been released or accessed the time around. The tax free benefit can only be claimed once, and you can’t keep unlocking tax free cash from any pension once you have done this once.
If you would like more information about how to release your pension at 55 then please feel free to contact us either via our contact phone number or our website form.