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 (also known as Pension Unlocking or Early Acccess), you must first satisfy a number of criteria:

  • You must be 55 or over
  • You must have private pension benefits (Not State Pension)
  • You cannot already be in receipt of these pension benefits
  • Your pension benefits cannot relate to your current employer

If you meet these criteria, then Pension Release (alos known as Pension Unlocking or Early Access) may be an option for you. However, taking retirement benefits early is unsuitable in most circumstances and will reduce your income in retirement. Before drawing early on your pension to meet a specific financial need you should consider firstly using other savings, investments or loans as alternative sources of funding .

To find out how Retirement Direct can help advise you so that you make the right decision, please contact us by calling the number at the top of this page, or completing the call back form on the right hand side of this page and we will call you back.

Pension Release is 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
Remember 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 Conduct Authority (FCA) does not regulate some forms of Tax and Wills advice.