Pension Release Under 55 and funds of over £50k+?
Are you under 55 years of age with a single (or combined) pension fund of over £50,000? Then did you know that up to 90% of your entire pension fund can be made payable directly to you? To find out how firstly complete the registration form shown on the right. This will start the process of assessing just how much of your pension fund can be released to you. Plus it is FREE and without obligation. Then, if you wish, feel free to read the rest of this article. (Don’t worry you won’t be navigated away from this page)
Early pension release? Are you under 55 and looking to get cash from your pension? There are pension release schemes and pension release programmes that enable you to get cash from your pension before the age of 55.
Please be aware that there are new financial programmes that are being created at the moment around pension loans and pension release. Whilst, at the time of writing, every attempt has been made to make this article as relevant as possible. However, by the time you read this the market for pension loans or pension release may have moved in a different direction. To make sure you gain access to the most up to date information please take the time to complete the form at the side of the page. That way you can ensure you get the most up to date information.
If you do wish to release cash from your pension before the age of 55 there are two ways to achieve this and it is largely determined by the size of your particular pension fund:
The first way is if your pension fund is under £50,000. (This being a single or combined pension pot) Then, your main route to releasing your pension fund maybe via a pension loan. So far as research has shown that the minimum value for a pension loan programme will accept is £10,000. This means that if your total pension pot is less than £10,000 you may not qualify for a loan. However, if your total pension fund is between £10,000 and £50,000 you may qualify for a pension loan or a loan against your pension. Depending on your circumstances you might get as much as 15% to 50% of your total pension fund in the form of a loan.
The second way of getting cash from your pension is if your funds exceed £50,000. In these circumstances you maybe able to use a pension release scheme. Although some programmes will only accept this if your funds are £70,000 or £80,000 in total. Researching the market has unearthed one pension release programme that is totally HMRC compliant, 100% legal, has no age restrictions and can deliver you, in the first year, almost 90% of your total pension fund in cash to you. To gain access to this programme simply fill in the form at the side.
Pension loans as a way for early pension release
Weird as it may sound but a pension loan can be applied to people looking for a pension release. There as far too many programmes for pension loans on the market to describe them all in such a short article as this. And, further, the market is developing so rapidly that, by the time you’ve read this, several new programmes have probably been introduced! Some of the programmes do literally offer a loan secured against your pension fund.
However, other ‘loan’ programmes permit money to be released from your pension. Whilst, strictly, these schemes are not “loans” they are described as such by the provider to make it easier to understand for the consumer.
You must be aware, however, that the High Court can take a dim view of pension loan schemes. In December 2011 the court determined that the act of Pension Reciprocation schemes were illegal. These schemes had several people moving their pension funds into a central pot. This central pot then made loans to members of the programme. As a word of warning you should ensure that any pension loan provider you work with does not have a pension reciprocation element within their service offering.
Every care should be taken when releasing money from your pension. As, in the form of a loan, your pension fund is collateral against the loan. Further, if you do draw money from your pension then, when you turn retirement age, your total pension fund will be worth less. Having said all this, if you’re experiencing financial difficulties now then drawing from your pension might be your only financial life line.
Under 55 Early Pension Release?
With a pension fund of over £50,000 or a combined pension fund over £50,000 you might want to consider a pension release programme as opposed to a pension loan. When considering a pension release there are many things worth considering. Whilst not an exhaustive list these may include:
· The overall legality of the pension release. Currently the tax office, Her Majesty’s Revenue and Customs (HMRC) are taking a very close look at the pension release industry and, as the market develops, their ‘rules of engagement’ may very well change. Further the Financial Services Authority (FSA) are taking a very strong interest in the pension release market. Certainly it would be prudent to ask any potential pensions release provider if they are covered by Queens Counsel (QC) support of their programme. Further you could ask if any of their programmes have been looked at by the HMRC and FSA and have passed successfully. Demonstrating that they are tax efficient and fully legal according to the latest legislation.
· Do age restrictions apply? Whilst the majority of programmes might have age restrictions for Pension Release over 55. Some others do not have the same restrictions for pension release under 55.
· Credit history bad? Poor credit checks? For the majority of companies, the great news is that a bad credit history or poor credit checks are largely irrelevant. You can still release money from your pension with this kind of background.
· Want your cash in a hurry? Sadly if you want your money quickly then pension release might disappoint you. The reason being is that it is up to your pension provider to release the funds. This might sound a little strange as this is your money. However, getting the funds from these companies is not as easy as getting your cash out of an ATM. The process can take anything from 4 weeks to 4 months depending on your pension fund provider.
· Can I release the full amount of my pension or just a percentage? This is really dependant upon the company you use for your pension release and the pension provider(s) you are engaged with. To date there is probably only one pension release provider that can offer as much as a full almost 90% of your pension fund. Fill in the form at the top of the page to begin this process.
· Is pension release the right move for you? Well that depends on your own particular circumstances. Many of the companies providing pension release services are not covered by the FSA rules and guidelines. As such it can be a case of ‘buyer beware’. It would be wise to consult a fully qualified Financial Adviser before you make any decisions. However, you can begin your fact finding by filling in the form at the top of the page. This will, at least, provide you with a free no obligation quote and a little information to begin your search for a resolution for your pension release.
Getting cash from your pension. Getting a pension loan. Or getting a pension release.
Begin your search by filling in the form at the top of the page. It will cost you nothing and just might give you access to the funds you need. In return you’ll get a free, no obligation phone call and might just put you on the road to the financial future you desire. Getting the cash from your pension.
written by Martin Smith