It is a well know fact that you need to be aware of any scheme that offers you the chance to release some money from your pension before you are of 55. They may call themselves pension liberation services or pension loan services, and they will often try and let you borrow some money from your pension fund. A lot of people wonder “can I cash in my private pension before 55” and the truth is that in certain circumstances, you can. If you want to know “can I cash in my private pension before 55” then you will need to have a terminal illness or you will need to be in the armed forces. Of course, before you start asking “can I cash in my private pension before 55” you need to make sure that you meet all the requirements before you start filing your application. Of course, if you are not in these industries or if you do not have a terminal illness then you may still have the chance to access your pension before you are at the age of 55. If you do then you will need to pay 55% of the amount accessed as a tax bill. If you do claim that it is a loan then this is still the case.
Now you may be thinking, can I cash in my private pension before 55 but not tell the HMRC about it. The truth is that you can, but you will face a penalty if they find out and this will bump your bill up to 70% so this is the main thing that you need to think about as well.
If you are wondering “can I cash in my private pension before 55” and you go ahead with your withdrawal then you will still be charged, even if you did not understand you had broken the rules of your pension and tax rules. You will still be charged even if you offer to put the money back and even if you have spent all the money, you will still need to make sure that you pay the charges involved. So as you can see, if you are wondering “can I cash in my private pension before 55” you can, but you may be opened up to charges later down the line.
Of course, if you do have any questions about your pension or if you don’t know if your situation qualifies for you to withdraw your pension or not then you could always ask your advisor “can I cash in my private pension before 55” and this is the best way for you to ensure the best result at all times. Why don’t you get in touch with yours today to find out more? It has never been easier for you to find out whatever you need and you would be surprised at how much they can help you to feel more secure about your pension in general. Can I Cash In My Private Pension Before 55 ? Think about it before you want to go down this route!
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