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How to unlock pension cash from the pension pot?

‘Pension release’, which is sometimes referred to as ‘Pension Unlocking’, is the process of releasing or unlocking cash out from an individual’s pension pot before attaining the age of fifty-five. If he/she is planning to unlock cash from their pension pot before reaching the age of 55, then they might end up losing all their income in the form of tax.

Those people who are scouting around the net on how to unlock pension cash should carefully go through rules and regulations mentioned in the Government website of United Kingdom. In order to get familiar with how to unlock pension cash, they may also approach a reliable financial advisor for further clarifications.

Procedures for Unlocking pensions for people aged under fifty-five

If an individual would like to get acquainted with the procedures of unlocking pensions from their pension pot, they may insert the keyword ‘Pension release’ in the Google search bar. You will be presented with dozens of results, which exactly matches the keyword.

Pension Unlocking

Unlocking pensions before attaining the age of fifty-five is not regarded as illegal under certain circumstances. However, in some cases, certain companies or third parties might charge a hefty tax bill on the total amount he/she had released from their pension pot.

According to the rules and regulations, your concerned pension provider should inform Her Majesty’s Customs and Revenue Department of United Kingdom (HMRC) when you have released the cash from the pension pot. The Revenue and Customs Department will trace you and ask you to pay the tax in the following cases.

  • If an individual fail to realize that they had violated the rules and regulations.
  • They had promised to invest their income in their pension pot.
  • If an individual had paid fees and additional charges to the concerned company.
  • If they had used their entire pension amount.

Those companies who offer pension-unlocking facilities to their employees who are aged below fifty-five are illegal according to the Financial Conduct Authority. Take for example, if an individual has a pension-pot containing seventy-thousand euros and is planning to release the entire money before attaining the age of fifty-five. In such cases, they are required to pay 30% of the total amount withdrawn (i.e. twenty-one thousand euros) to the concerned third party.

Apart from that, additional tax of thirty-eight thousand five hundred euros (i.e. 55% of seventy-thousand euros) should be paid. Now the remaining amount is only about ten-thousand five hundred euros.

How to unlock my pension under 55?

At first, you may open a reliable web browser such as Google chrome or Mozilla Fire Fox and enter the keyword ‘unlock my pension’ on the Google search bar. Millions of search results which matches the keyword ‘unlock my pension’ appears on the Google search results. Tax implications will most certainly play a part if you try unlocking before you are 55 and in most cases you may not even be able to unlock your pension cash if you are not facing illness or other extraordinary circumstances.

Is it possible to unlock the entire pension amount from the pension pot before reaching the age of 55?

Those who have attained or exceeded the age of fifty-five do have the option to unlock their entire pension amount from the pension pot. However, taxes will be charged if you have withdrawn more than 25% of total pension amount from the pension pot. Below mentioned are some of the instances where you will be able to unlock the pension amount.

  • Those individuals who are suffering from chronic illness and would prefer to retire at an early stage are eligible to unlock the entire pension amount from the pension pot. In such cases, an individual does not require any assistance of the third party; they may consult the concerned pension provider to proceed with the formalities. They are also not required to pay a hefty tax bill and additional charges imposed by the concerned pension provider. Most of the pension providers do not even charge any additional fees or charges.
  • Individuals do have the liberty to access their pension amount at an early stage if they had clearly mentioned ‘Protected Retirement Date’ in their pension plan.

Some of the major criterias to be taken into consideration while you are unlocking your pension amount before reaching the age of fifty-five are as follows:

  • If you come across any marketing brochure or websites encourages you to withdraw the pension amount before the age of fifty-five. In such cases, there are fewer chances of being approved by the Financial Conduct Authority. These kinds of websites may try to convince you that they are duly recognized.
  • Receiving text messages with respect to the withdrawal of pension amount.
  • Most of the companies may provide ‘loan’ and ‘cash back options’ from your pension amount.

It is highly recommended to seek assistance from the ‘Pension Advisory Service’ if you have crossed the age of fifty. Most of the firms offer expert guidance or you can even access the option for free. You may either approach the ‘Money Advice Service’ through the official website of the company for further clarifications.

What are the different types of pensions?

A private pension is a type of pension scheme, which provides you a guaranteed income. If you are looking for a steady cash flow or income after your retirement, you may opt for private pensions. Keep in mind that you will no longer be able to unlock or release excess amount from your pension pot. It is applicable for those who are employed in the field of Armed forces, professors and civil servants.

What are the major risks involved during pension release?

Pension like ‘Final Salary Schemes’ offers plenty of benefits and guaranteed income after your retirement. However, it is not advisable to release the pension amount, which might lead to loss of benefits.

One of the best ways to prevent unnecessary frauds is to seek advice of a professional finance advisor. An individual might be charged additional 55% tax on the entire pension amount.

Is it possible to unlock pension from the public sector pension pot?

It is purely based on the type of public sector pension schemes.

What does unlocking pensions mean:

The expression; ‘unlock pension’ is frequently used when folks wish to take cash from their retirement early. Obtaining money from any pension in this manner is not really recommended. pension fund profits, if they’ve accrued through an occupational scheme or personal pension, are meant to offer plan members with an income throughout their retirement as well as recreate retirement benefits early, this  would normally reduce eventual retirement earnings.

Pension unlocking and the tax implications:

If you’d want to unlock your retirement benefits early then you would ordinarily have a choice to release or unlock a small part or all your retirement for a cash amount, 25 percent of that will be tax free. The remainder of it could be taxed at your marginal rate of taxation or, rather, supply you with an income for life, and this can be taxed as earned cash. Please be aware that the tax treatment depends upon your own personal conditions and could be subject to change later on. The income you get will be dependent on a range of factors like; if the cash comes out of a private pension or occupational strategy, if you’re married or not. To a certain extent you’ve got a bit more choice about the way the income could be compensated from a personal arrangement in comparison to an allowable strategy. There’s also a choice to unlock retirement some amounts without needing to take instant income….

Unlock Pension

Unlock your pension retirement at 55

If you’re over 55, your choices are a lot better. If you would like to take your tax-free money now you can — and you do not need to “retire” — cease work — to receive it. It is possible to choose the money and leave the remainder of your money spent.
The manner pension unlocking functions for the over-55s would be to move your retirement to a private retirement plan and instantly take your retirement benefits. (if you’re already saving in a private retirement plan, instead of an occupational scheme, you’re halfway there.) You can accomplish this either by simply taking the tax-free money and leaving the remaining part of the fund spent or accepting the tax-free money and utilizing the remainder of this fund to purchase an annuity.
When you’ve taken your tax-free money that is it, and you can not have some longer when you do really stop work. The remainder of your fund has to be used to provide to your retirement.

Discover how much you’ll need in retirement before unlocking your pension

By shifting your current finance to your retirement you’ll lose valuable gains from the last scheme you had been saving in; should you choose your mortgage straight away, it could yield a smaller monthly income than it might have done if you’d waited a couple of years more. There might also be taxation consequences, especially as you’re still functioning. If your fund is modest you might incur disproportionate charges about the rest of the fund, which makes your eventual retirement earnings smaller still.
I’d probably go so far as to state that, if you are not a reasonably sophisticated investor and you’ve got other particular goals in mind, like home tax or purchase or inheritance planning problems, or you’ve got serious health conditions that could affect your requirement to get a retirement earnings, choosing your tax-free money early is best avoided. I’m nevertheless assuming you don’t come into this class.)

Seeking expert pension unlocking advice

Before you research into taking your retirement early it may be worth your while having a conversation with one of those debt information charities, for example StepChange or the goverment Citizens Advice help line. It’s totally confidential, and they could have the ability to aid you in finding different options that enable you to conserve your retirement for your purpose you started to conserve – to finance your own retirement. Some pension transfer companies may approach you and to instruct you to provide your discharge documents before age 55 may be prohibited,  if you’re misled or not educated about the outcome of entering into these arrangements then you should seek IFA advice and guidance. This might be because you are not educated of the tax implications, fees entailed or the way the rest of your retirement savings are spent.

In rare instances where you may want to unlock your pension then it could be possible under 55, for example if you face terminal illness. It is possible to get pension funds before age 55. But for many folks, promises of premature money are untrue and therefore are very likely to result in high or costly tax implications;  you might be poorer or have less money in retirement. Another factor you may want to consider is if you are hit by unexpectedly substantial prices.

Converting your retirement into money or pension unlocking before age 55 may seem very appealing if you desperately need cash

A growing number of businesses are targeting people claiming they can assist them to release their retirement money early. You might be targeted via sites, mass texting or via cold calls offering pension loans or the opportunity to unlock any pension in your retirement. You should be quite cautious about giving out advice in response to some text or cold telephone. You always need to ensure you understand who you are dealing with. If you’re worried or have been approached and offered the services we’ve explained above, you need to get in touch with Action Fraud on 0300 123 2040.

Pension release shouldn’t be confused with ‘retirement unlocking’ or ‘unlock a pension’, this is not classed as pension liberation. With retirement unlocking, a individual aged 55 or more can discharge up to 25 percent of the entire pension for a tax free lump sum.

Unlocking your retirement will almost surely mean that you  will have less of an income and, consequently, unlocking is just acceptable method or means to some individuals and  for certain conditions like illness.

Contact our pension unlocking team for further help

If are unsure about how to unlock your pension cash or do not understand the information presented above then please feel free to contact us via the website form. We will put you in touch with a pension unlocking specialist who could assist you further.

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