Frequently Asked Questions
Can I release cash from my pension?
If you are aged 55 or over you can release up to 25% of all of your pensions pots as a tax free cash lump sum. If you are under 55 we are unable to help, however if you are within a couple of months of turning 55 it is worth contacting us, but we will not be able to release your pension until you reach 55.
Can I release tax free cash from the state pension?
No, you cannot release any cash from the state pension, you must have a personal pension or an old Company pension to be able to release any cash.
Do I have to have a minimum pension fund value to release the cash?
You can release up to 25% of your fund from any size pension, however we will only complete our services if your total pension fund value is greater than £20,000 (this is the combined value of all your pension funds, not individual pots, so if you have 2 pensions of £10,000 each we will be happy to help). If you are unsure of the value of your funds we will check this for you and if we find your fund(s) are below our minimum we will not charge you for the review.
Do I have to go ahead with your recommendations?
In short, no. If you ask us to review your pensions and tell you how much tax free cash you can receive but decide not to go ahead with the release we will not charge a penny for this review. When you have received your pension report and want to go ahead with the release there will be charges payable to us.
What are your charges for releasing my tax free cash?
If you decide to go ahead with the release of your tax free cash then we will charge a fee based on the value of your pension fund for this service. These fees would be fully explained to you and fully itemised before you agree and there would be no hidden charges or extras. Payment of our fees will be deducted from your fund so you don’t need to worry about sending us a payment and if you are not happy about the fees there is no obligation to go ahead and if you decide to pull out at this point we will not charge a penny.
Am I selling my pension?
No, you are not selling your pension and this is not a loan. It is not possible to sell your pension under pension rules.
Do I have to repay the money I take out of my pension?
No, you do not have to pay the money back and you are not taking out any form of loan. The money you are taking is your money and you can decide to use this as you want.
I have heard this is a scam, is it?
The services we offer are not a scam and are only open to people over the age of 55. There are some companies offering to ‘liberate’ cash from pensions for people who are under the age of 55, this is potentially a scam as there are potentially extremely high risks that any ‘unauthorised’ payments from a pension can be taxed at 55% and this could have the effect of wiping out most of your pension fund and leaving you with nothing. The current rules covering pensions do allow for a tax free cash lump of up to 25% to be released from the age of 55. All of our work is carried out under Financial Conduct Authority (FCA) rules and are completely legal.
How are you allowed to offer this service and how are you regulated?
Albion Pensions Ltd is an appointed representative of the Whiting Group Ltd, who are regulated and authorised by the Financial Conduct Authority (FCA). We only offer advice and assistance on pensions and do not offer advice on other investments or financial services. If you require advice and assistance on other financial services matter we can put you in touch with an independent financial adviser who will be able to offer you advice on all areas of financial services.
Are you independent financial advisers?
Under the Financial Conduct Authroity (FCA) rules and regulations the services provided by Albion Pensions Ltd are classed as ‘restricted’. We do deal with the whole of the market, in respect of pension products, which means we can advise and recommend pension products from any and all providers of pensions and we are not limited to a certain number of providers. However our services are limited to offering you advice and assistance on pensions only. We do not deal with any of the following products or services.
ISAS/ Investment Bonds/ Investment Trusts/ Unit Trusts/ OEIC/ Venture Capital Trusts/ Enterprise Investment Schemes/ Structured Capital at Risk Products/ Unregulated Collective Investment Schemes/Protection Contracts.
If you are interested in receiving or need any advice and assistance on any products or services we cannot help you with, we highly recommend you get independent financial advice and can put you in touch with a company that can offer you independent advice. Please click here for more information.
Will my pension investments be protected?
We are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
Most types of investment business are covered for 100% of the first £50,000, so the maximum compensation is £50,000.
Further information about compensation scheme arrangements is available from the FSCS.
What if I have a complaint about your services?
If you wish to register a complaint, please contact us in writing at 19/21 Albion Place, Maidstone, Kent, ME14 5EG or telephone us on 01622 356900.
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.