Looking to boost your funds now?

Unlock your tax-free lump sum from your pension

Since Pension Freedoms were introduced in April 2015, people are now able to access their private pension funds more freely and now can take a 25% tax-free lump sum out of their pension pot when they reach 55 years or older. Your private pension could benefit you earlier than you first thought, and you may not need to wait until you start retirement to unlock your pension.

Did you know?

The average pension pot for people 55 years or older is £105,496*

Based on the average pension pot size, that could mean up to a £26,000 tax-free lump sum you can take to enjoy when you retire.

If you’re considering taking a 25% tax-free lump sum you could use it for:

• Paying off your mortgage, loans or credit cards and becoming financially secure
• Investing the funds in a holiday home, whether that’s in the UK or abroad
• Purchasing that classic car you’ve always wanted like a Jaguar MK1
• Making those home-improvements, you’ve always wanted to make

While taking a 25% tax-free lump sum might seem attractive now, you will need to consider the impact this may have on your retirement and whether your pension will last. It’s estimated that a £100,000 pension pot would deliver £5,000 per annum in retirement income*, coupled with a full state pension, this could mean an annual salary of just £13,368.

At Pension Works, we can carry out a free, no obligation, Pension HealthCheck that will assess your current private pension(s) and deliver the options on how to release your tax-free lump sum and the impacts this may have on your future.

We can additionally evaluate your current private pension(s) and tell you how it’s performing. If your pension is suffering from poor performance our expert financial advisers can offer advice and explain clearly the options for a more suitable policy for your retirement plans.

Contact us today on 0808 164 2664 or visit our website www.pensionworks.co.uk

Disclaimer

The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to the accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.

Source

*http://www.telegraph.co.uk/financial-services/investments/investment-pensions-service/what-is-a-good-

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