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If you were a member of a previous employer’s pension scheme, you may be able to take early retirement from the scheme before the normal retirement age of the scheme.
 
The normal retirement age of the scheme is defined in the scheme rules, and you should be able to find this on your pension statement.
 
Whether or not you are able to will depend on the rules of the scheme, and potentially when you were employed.
 
As you are taking your pension benefits early, it is likely that the scheme will need to make pension payments to you for a longer period of time. For this reason many schemes apply a reduction to the lump sum and pension available before normal retirement age.
 
In most cases taking your pension benefits early will reduce your retirement income, and is therefore not suitable for most people or circumstances.
 
Payment of pension benefits early is usually at the discretion of the scheme trustees.
 

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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.