Warning – if it sounds too good to be true it probably is.
You should be extremely sceptical about any claims that say you can release funds from your pension before the age of 55 or get more than 25% of your pension fund tax free. The Financial Conduct Authority (FCA) have issues official statements warning people of the dangers of ‘liberating’ their pensions before the age of 55. many of these claims originate from offshore companies. Check out the location and credentials of any company making these claims before doing anything. If they are not registered in the UK and are not on the FCA Register we highly recommend you simply walk away and don’t deal with them.
It is not possible to get cash from your pension before the age of 55. If anyone tells you that it is possible to get more than 25% if will be illegal and you could suffer serious financial loss.
Liberating your pension before the age of 55 is classified by the HMRC as an unauthorised payment. Any money you take out of your pension before the age of 55 will be taxed at 55% and you can face further penalties from the tax man. If you have taken out a loan against your pension you will have to repay the loan and could lose your entire pension fund. Unscrupulous companies could steal most of your fund.
Albion Pensions DOES NOT under any circumstances attempt to release any form of cash for anyone under the age of 55. We do not make any claims that you can get more than 25% tax free. We strongly recommend that you do not attempt to release any part of your pension before the age of 55. Albion Pensions only deal with UK registered pension schemes and will only use HMRC approved pensions and work within the HMRC tax legislation. We do not use offshore schemes or foreign tax rules.
Keep your pension on track
If you cant release cash from your pension now, that doesn’t mean you should just ignore it and hope for the best. Regular reviews are essential and help to keep track of your pension performance. Making just a few small changes can make a big difference to your future retirement income and security.
Get a FREE pension review today and see what is happening with your pension and what you can do to make your retirement as comfortable as possible. Simply complete the form on the right to request a FREE review of your pension.