What is Pension Freedom?

Getting at the money from your pension is sometimes known as Pension freedom; whether it is a Personal Pension or an old Company Pension.

You may want to do this even if you haven’t retired yet but need some money now, or you may be thinking about retirement and need to know your options.

If you’re over 55 and have either a Personal Pension or old Funded Company Pension you’re not currently receiving, you can free your money now, even if your pension was originally set up to an older age, say 60 or 65.

Company pensions are ones that your employer paid into, many of which are known as Defined Benefit pensions. Both private companies and government employees have Defined Benefit schemes, however, not all types of government pensions can be transferred into an arrangement that will allow early pension freedom. Only Funded pensions can be transferred, such as the Local Government Pension Scheme and Universities Superannuation Scheme. Unfunded schemes, such as NHS, Civil Service, Teachers, and Armed Forces cannot be transferred.

This service only applies to pensions in the UK. Taking benefits early will almost certainly reduce your pension income in retirement and is only suitable for a limited number of people and circumstances. This should not be seen as an easy option for raising cash.

So if freeing money from your pension, whether it’s a Company Pension or Personal Pension, is something that interests you then just complete your details on the Quick Start form to the right of this page and we will contact you at a convenient time for an initial discussion on your circumstances or call us on 028 91 856991.

There is no obligation on your part and no cost just to find out your options.