Take Cash From Pension
Many people cash in (unlock) their pensions to:
- Pay off debts
- Support their business
- Provide short term cash
Cashing in your pension, or unlocking your pension as it is also known, are misleading phrases, since in most instances it means taking your pension lump sum, and/or taking an income, and usually taking it earlier than expected.
For most people it is not possible to cash in or unlock your entire pension. However regardless of the type of scheme you currently have, provided you qualify you can unlock/take your pension benefits in one way or another.
How you take these benefits will depend on the type of scheme you have. Please note the minimum age for most people to take their pension increased to age 55 from April 2010.
There are a number of downsides to taking the cash from your pension, especially if you are doing it earlier than expected. Unlocking your pension will almost certainly mean that you will have less income in retirement AND because of the reduced level of income, pension unlocking is usually only suitable for a very limited number of people and circumstances.
If you would like advice on unlocking your pension or exploring other avenues to reach the lump sum you are seeking, please contact a qualified Holborn Assets adviser today.