Many people want to release money from their pension before the age of 55. “Can I sell my pension?” is a question we are often asked. The simple answer is “No, but…” there may be other ways to get what you want – cash from your pension.
Firstly, you should be aware that, in the UK you can’t legally sell your pension to another person or company. So beware of companies that claim they will “buy your pension”. The Pensions Regulator and HMRC have issued many warnings about “pension liberation” offers that may turn out to be scams. potentially leaving you having to pay a massive tax bill on any money that you have released early.
It is also worth remembering that any money you release from your pension now will not be available to you when you retire. It sounds obvious, and many people who desperately need the money now are willing to make that sacrifice, but please keep it in mind. If you are talking to companies about accessing funds early, it is well worth speaking to an Independent Financial Adviser first to see how it will affect your retirement, before making any decisions.
Having said all that, there are options available. These will vary, depending on your individual circumstances. In some cases they will involve transferring your pension to a different company who will pay you a bonus in cash for joining their scheme. If you want to know more, please fill in the form at the top right of this page. We will book an appointment for a free phone call, and you can talk through the options and find out what is available to you. There is no obligation, and the process is completely confidential – it does not even need a credit check, as the schemes do not involve you borrowing any money.
So, if you have one or more UK pensions (old or current) and are wondering about your options for raising cash, get in touch to find out more. You cannot sell your pension, but there may be other ways to get what you want.