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A UK pension loan is offered to those individuals who possess a UK pension fund. They do have the option to apply for pension funds such as Private Pension Schemes and Money Purchase Pension Schemes. If he/she would prefer to qualify for a pension loan, then their pension pot should contain a minimum balance ranging from twenty-thousand to thirty-thousand euros.
Those individuals who are facing difficulties in raising money may apply for pension loans. However, few people prefer Pension loans as a source of investment. It is highly recommended to seek advice of a financial advisor before he/she applies for a Pension loan. They would offer necessary assistance and guidance in executing wise decisions.
Some of the major factors behind resorting to pension loans and withdrawing cash from the pension pot when an individual has not reached the age of fifty-five are as follows:
A Pension loan is quite different from a standard loan since it does not involve any sorts of credit check and income statement. An individual with a low credit rating can also apply for a pension loan. In such cases, the pension amount will act as the collateral security.
Individuals who would prefer to withdraw money from their pension pot should follow the below procedures.
Some of the major highlights of a pension loan are as follows:
Pension Release is a process of withdrawing cash from the pension pot before reaching the age of fifty-five. According to the UK law, a person who has attained the age of fifty-five will receive nearly 25% of total amount contributed towards the pension pot. The remaining amount will stay intact.