If you have a need to raise cash, you may be able to release funds from a pension that you have not yet drawn on. This could allow you to take your cash and/or income early.

In order for you to be eligible for Pension Release, you must first satisfy a number of criteria:

  • You must be 55 or over
  • You must have pension benefits other than your State Pension
  • You cannot be in receipt of these pension benefits already
  • You pension benefits cannot relate to your current employer

If you meet these criteria, then Pension Release may be an option for you. However, you should be aware that taking your pension early will have significant consequences for you, both now and in the future.

To find out how Retirement Direct can help you make the right decision, please see our guide to Pension Release by clicking on the link.

Remember that your pension is designed to provide you with benefits when you retire. Releasing your pension to obtain benefits early will reduce your retirement income, and may also mean that you are giving up valuable guaranteed benefits in the future. All other means of securing required capital or income should be investigated before considering pension release

Pension Release is therefore unsuitable for most people and circumstances, and should not be seen as an easy option for raising cash. It is vital that you seek expert advice before considering taking your pension benefits early.

Important Information

Taking any of your pension benefits early is likely to reduce your income at retirement. Therefore, pension release is only suitable for a very limited number of people and circumstances and should not be seen as an easy option for raising cash. This is because a pension is designed to provide you with benefits when you retire. The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. The Financial Services Authority does not regulate some forms of tax advice, secured loans, unsecured loans, debt management and Wills. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.