Pension Release or Transfer

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.

You may still elect to transfer your pension to another provider and not release any benefits but take advantage of lower charges, better fund choice/performance, or service.

How does releasing / transferring a pension work?
We will contact you and give you some information about Reid Scott & Ross and also explain how the process works. We will send you a mandate which authorises Reid Scott & Ross to act on your behalf and this allows us to obtain all information about your pensions.

What will happen next?
Once we have received all of the relevant information from your pension company, we will then complete a full fact find, gathering the information needed about your personal and financial circumstances. We will then compare what you could receive from your schemes at your normal retirement date with what you could get if you transfer out of the scheme and take benefits, as by taking benefits early your retirement income could be considerably reduced.

It is important to consider if you will have enough to live on once you retire if you take cash and/or income now. Using all information gathered, your adviser will then discuss your options with you, sending you a written report and will explain in detail their recommendation to which option is considered the most suitable to you, detailing both the advantages and disadvantages.

The necessary paperwork is arranged to ensure that you receive the cash lump sum (tax free) and/or income with the minimum delay.