Minerva Business Park Peterborough, PE2 6QR
enquiries@tuto.org.uk Email us at any time
01733 235221 Mon-Thurs 9am to 5pm, Friday 9am to 3pm
Aged 55 or Over?
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Minerva Business Park Peterborough, PE2 6QR
enquiries@tuto.org.uk Email us at any time
01733 235221 Mon-Thurs 9am to 5pm, Friday 9am to 3pm
Aged 55 or Over?
toggle menu

Pension Transfer & Pension Release

Are you age 55 or over and not yet retired? Do you have a pension? You could take your tax free lump sum now.

Releasing Tax-Free Cash

One of the big benefits of pensions has always been the tax-free cash lump sum you can take when you retire. In general, you can take up to a quarter (25%) of your pension pot tax-free, and until recently, you would have expected to start drawing an income with the rest of your money at the same time.

The government have now changed the rules, you can still have the tax-free cash lump sum, but you no longer need to start taking an income with the remainder, you can just leave it to use at a later date. You still need to be at least 55 years of age, but you don’t need to have retired from work.

What could you do with the tax free lump sum?

For many people, a tax-free cash lump sum offers an excellent opportunity to help put their financial affairs in order.

Most common uses are typically:

• Help pay off a mortgage or other debts, such as credit cards and loans

• Paying for a holiday, a new car or just making life a little easier

• Help the children with a loan or to get them on the housing ladder

Benefits of taking the tax free cash

• It usually worth taking the lump sum as it is one of the only ways to take some of your pension pot
completely tax free.
• Taking the lump sum could provide useful pot of money just when you need it most and you don’t
need to have retired.
• Using the money to pay off debts will mean that you will pay less interest which is always a good thing.

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Drawbacks of taking the tax free cash

• Taking a quarter of your pension pot will mean there is less money to provide you with an income when you finally retire and it could have a major effect on your lifestyle in later life.
• Taking the tax free cash now means it will lose out on any growth it may have had in future years.

The rest of your pension pot?

Once you have taken your 25% tax free cash, you will have to decide what to do with the remaining three quarters of your pension fund. You can either turn it into an income or leave it invested to grow for a later time. Whatever you decide, talking to our advisers will help you find the most suitable income or investment option.

Pension Review Service

You have spent many years saving for your retirement and you owe it to yourself to make sure that your pension pot is a big as possible. Many of the older type pension plans have high charges, are not in the best performing funds and don’t have the flexible access option so that you can take your money however you wish when the time comes.

Ask yourself these questions:

• Do you know what the fees and charges are?
• Do you know what fund your pension is invested in?
• What’s the performance like?
• Does it suit your attitude to risk?
• Is it on target to provide the income you need in retirement?

If you don’t know the answer to any one of these, then our pension review service could be just what you need

What does our service include?

We will contact your pension company and gather all the details about your plans. We will then review all the pension providers in the market and if we think we can find one that is more suitable, lower charges, better performance for example, we will make a recommendation in writing to put you into a more suitable pension plan.

What do we charge?

We will undertake a pension review, discuss your options and prepare a fully detailed report and recommendation where appropriate, at our expense. We will only charge when we set up a new plan or product and you will know the full cost of this in advance. You are under no obligation to act on our advice.

We would normally take any fees direct from your pension pot after any transfer has taken place, so there is no need to worry about paying for the advice from your own pocket.

Contact Us

Call us on: 01733 235221

Monday - Thursday: 9am to 5pm
Friday 9am to 3pm

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Our Address

Camrascan House,
Minerva Business Park,
Peterborough, PE2 6QR

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