Pension Release or Transfer

Are you over 55? Did you know that you could release a tax-free cash sum from your pension - without taking your pension income.

Pension schemes that are not provided by the state will provide an option on your selected retirement age to make available up to 25% of your pension pot as a tax free lump sum.  However, if you are 55 and over and have built up enough of a pension pot, you can elect to take this tax free lump sum early – this is called Pension Release.

You can release up to the maximum tax free cash allowed, and take a monthly income or maybe invest the balance, pay off debt, buy a second home – whatever.. the choice is yours! but that is why specialist pension advice should obtained first to help you make the right choice.

Pension release is not suitable for everyone and should not be seen as easy or the only options open for you to raise cash. This is due to a pension being designed to provide you with benefits when you retire so that you can live on. 

After a review you may still decide that transferring your pension to another provider and not release any benefits will provide further advantages in an improved charging structure, superior 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?
Pension schemes are a complex area so our services can be adapted to accommodate all your requirements, bbefore we formulate any recommendations, we’ll get to know you and your circumstances thoroughly.

We have a duty of care to consider all your options through deep analysis of all the returned information from your current providers to determine what choices you have open to you.
We can then move forward and get to know you better through gathering the detailed information about your personal and financial circumstances and your  objectives to see if these match what you could receive from your schemes at your normal retirement date and compare this against transferring out of the scheme and taking the benefits today.

If taking cash or income now, our approach ensures that all your hopes, fears and aspirations are taken into account when looking at how much you will have to live on once you retire. We will discuss these at length and through our written recommendation report detailing both the advantages and disadvantages whilst  taking care of all the necessary administration to ensure a prompt turnaround.

If you do take benefits early your retirement income could be considerably reduced and that is why seeking expert advice is crucial from specialist pension advisors with a single point of contact on hand to provide impartial answers to all your questions and queries.