With the downturn in the economy over the last couple of years, many
people are finding themselves struggling with their living expenses. Worries
over funds can often lead to stress and anxiety and can be compounded by the
threat of feasible redundancies & job insecurity. It is simple to feel
trapped in this situation with funds worries & financial insecurity often
putting pressure on relatives & personal relationships & leading to
unhappiness both at home and at work.
But, for a small group of individuals who are approaching
retirement age there could be a solution. If you 55 years old there is a
provision within UK pension law that lets you release up to 25% of your pension
as a tax free funds lump sum. You don't must retire or take your retirement
income by purchasing an annuity & you can over on working &
contributing to your pension which will benefit from a tax efficient
surroundings.
Before deciding to Pension
Release Scheme from your pension you need to think about carefully about the
impact this might have on you and your relatives later on in your life.
Receiving a tax free funds lump sum could quickly help you to pay off any
outstanding debt that you have, could perhaps pay off your mortgage or might
even help you with other financial commitments you are struggling with. However
your pension is there to offer you an income after you have stopped working and
releasing funds from your pension early is going to affect the amount of funds
that you get in retirement and could also affect your standard of living later
on in life. Because of this pension release is only suitable for a limited
number of people and circumstances and ought to not be undertaken without
cautious thought and consideration.
If you are serious about unlocking a number of the money in your
pension, there are companies that will be able to help you accomplish this.
They will look carefully at your current situation and circumstances. They will
describe to you all of the disadvantages as well as the advantages and advice
you of the choices that you have. If you do select to go ahead with pension release they are going to be
able to act quickly and effectively, releasing your money within a few weeks.
So, if you have a U.K. personal or company pension, even if you are not
currently contributing in to it, you could be eligible to release a number of
that money as a tax free money lump sum and put an end to your money worries.
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