subaru01 Posted October 21, 2012 Share Posted October 21, 2012 does anyone know if its possible to release money from a private pension more than once. cheers Link to comment Share on other sites More sharing options...
Longcol Posted October 21, 2012 Share Posted October 21, 2012 AFAIK you can only do it once - have just been through pension release myself. Link to comment Share on other sites More sharing options...
max Posted October 21, 2012 Share Posted October 21, 2012 Everybody with a private pension is entitled to withdraw 25 per cent of it on retirement as a tax-free, lump sum. The rest then gets paid in regular instalments. With a pension release scheme you can access that sum early. You don't have to take the whole lot that's on offer – you can take a portion of it and leave the rest in or you can even take some of the allowance now and some more of it at a future date, as long as the two sums together don't total more than a quarter of your nest egg. From here: Pension release. Link to comment Share on other sites More sharing options...
Mikes10 Posted October 22, 2012 Share Posted October 22, 2012 Anyone condisdering pension release should read this http://www.thepensionsregulator.gov.uk/press/pn12-05.aspx Link to comment Share on other sites More sharing options...
subaru01 Posted October 23, 2012 Author Share Posted October 23, 2012 thanx for the advice guys Link to comment Share on other sites More sharing options...
asksally Posted October 24, 2012 Share Posted October 24, 2012 This info came out recently that can help you. http://www.reidscottross.co.uk/pensions/can-i-sell-my-pension-under-55/ Link to comment Share on other sites More sharing options...
ewatson Posted February 20, 2013 Share Posted February 20, 2013 its illegal to release money from a pension b4 aged 55 unless ill health there are sharks transfering pensions into made up schemes and if you do get any money out its an unauthorised payment nd the tax charges renfers it worthless dont do it 55+ its ok 25% can be drawn as a tax free lump sum Link to comment Share on other sites More sharing options...
subaru01 Posted February 20, 2013 Author Share Posted February 20, 2013 thanx for the advice guy. But i have actually sort legal advice from a reputable financial adviser who helped explain the pros n cons of taking pension release he talked me through it step by step, this was done because it isnt the only pension i have, im so pleased i did it now i have a brand new wow factor kitchen and bathroom to show for the money. each to their own. im so pleased with the adviced i got from a very reputable company. Link to comment Share on other sites More sharing options...
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