If you want to know can I surrender my pension then you know you have come to the right place. Here you will find out everything you need to know about can I surrender my pension and you will also find out how you could benefit from doing so as well. To begin with, you need to find out what pension you have. If you have a personal pension that has been frozen or if you have a superannuation pension then you might not know if you can surrender your pension at all. If this is the case and you want to know can I surrender my pension then you’ll find that you can’t settle your initial pension for cash because you can only take out 25% after you reach the age of 55. The rest of it can be used to buy an annuity however.
Although you can take out your pension at the age of 55, some companies do state that you need to be of the age of 60 or 65 before you can withdraw as well so even if you are at the age of 55, in some very specific instances, you might not be able to. Of course, if you do want to go ahead with can I surrender my pension then you will most likely have to pay a hefty sum and this is something you will want to avoid if you genuinely need the money.
If you want to make sure that you get your question answered, can I surrender my pension? Then you would be better off contacting your local pension advisor. They can help you to find out everything you need to know and they would always be happy to answer your question for you. Of course, if you have any questions about your existing pension or if you don’t know if you have an age limit on it or not then you can contact your pension provider about this. In some very specific circumstances, you may be able to find out can I surrender my pension if you have a terminal illness, because you would therefore be able to access all of your pension and sell it on to another provider.
If you do not do your research properly however then you could end up losing most, if not all of your pension in the process. The main reason for this is because you will get charged if you withdraw early and if you do not have an appropriate reason that has already been justified. If you do transfer your pension to another plan, you may be able to withdraw at 55 but you run the risk of losing some of the initial benefits you get with the scheme.
Why don’t you contact your local pension provider today to see if they can help you? You can ask them can I surrender my pension and this is the easiest way for you to find out what you need.
Can I Surrender My Pension ? If you would like more information about this please feel free to contact us and we can talk through your options.