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PENSION SWITCH – FREE REVIEW
Most, if not all, employed individuals have pension plans either provided for by the government, by their employers, or by themselves. They are intended as retirement funds; money that they can use to provide for their needs when they are already in their old age.
However, what if they want to unlock pension before they reach maturity? Is it possible and when is the right time to do this? A more apt question would be: what are the usual concerns that people who want to do this face?
Yes, it is possible to unlock pension before your retirement age. Its maturity date, the charges you have to pay and other terms and conditions are all stipulated in the contract between you and your provider. If you need the money before your pension plan matures, and you have reached the age of 55, you can do this.
Before proceeding to unlock pension, you need to take several things into consideration. One of these is if you are ready to accept a much lesser amount than you will receive if you wait until you retire. This is because you will certainly not get the amount that you expected to receive upon retirement.
Another thing you have to take into consideration is if you really need money now or if your needs can wait until you can come by some cash from other sources. If your purpose is to reinvest the amount on another scheme, be sure that it is safe and secure and that it will generate more income for you in the future.
Some entities might approach you offering to help you unlock pension through pension liberation schemes. Be very careful in dealing with them though because some of these people are only out to get your money.