Your pension freedoms

Introduced by the government, the pension freedoms are designed to give you more choice and flexibility.

We are authorised and regulated by
the Financial Conduct Authority

The pension freedoms: at a glance

Introduced in 2015, the freedoms are the most radical change to pensions in a generation. As long as your savings are in an eligible scheme you can do the following from 55:

Withdraw what you want when you want to
Release the first 25% of your pension tax free
Set up a regular income payment
Change how your savings are invested
Buy an annuity
Choose one or more beneficiaries to receive any remaining funds when you die

Releasing pension money early isn’t right for everyone as it will leave you worse off in retirement. That’s why it makes sense to speak with a regulated financial adviser, such as Pension Access. Tax treatment depends on your individual circumstances and may be subject to change.

What pensions are eligible for the freedoms?

Personal and private pensions
Company pensions
The State Pension
Unfunded pensions

Couple fishing on lake | Pension freedoms

Are the pension freedoms right for you

While there’s a lot to like about the pension freedoms, the flexibility on offer can create a number of challenges.

You could end up with a large tax bill
You could run out of retirement savings too soon
Your pension investments need regular management

This is why so many people ask a regulated financial adviser for help.

Family toasting a drink at dinner | Are the pension freedoms right for you?

Get started for free

We can check to see if the pension freedoms are right for you. Our initial investigation into your pension is free. And in most cases we can continue to provide full advice with no obligation. At any stage you can choose to walk away, better informed and with nothing to pay.

Get started

How it works in 3 easy steps

With our no obligation pension check discover if the pension freedoms are right for you.

Your permission

Complete and return a simple form giving us your permission to check your pension.

We analyse

Our team gathers and analyses all the information we need about you and your pension.

Your decision

We’ll send you a report, clearly stating what we think you should do. The choice is then yours.

Our initial investigation into your pension is free and in many cases we can continue to provide full advice with no obligation. If you decide to access the pension freedoms, we can take care of everything. This includes managing your pension for you. We would let you know in writing what the fee would be. Or, you can choose to walk away with nothing to pay.

Pension freedoms and your final salary scheme

If you have a final salary pension then you have a promise from your employer to pay you a guaranteed income for life from a set age. In certain circumstances it is possible to transfer this type of scheme to a new, modern pension to access the freedoms.

Doing so does mean giving up your guaranteed benefits, which for most people is not the best thing to do. That’s why you should speak with a financial adviser before making any decisions. And if your final salary scheme is worth £30,000 or more then by law you have to take this route.

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0800 304 7288

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Pension Access is a trading name of Harbour Rock Capital Limited which is registered in England & Wales as a Limited Company, No. 10290349. Authorised and regulated by the Financial Conduct Authority, No. 754580. Registered Offices: Affinity House, Beaufort Court, Sir Thomas Longley Road, Rochester, Kent, ME2 4FD. Telephone: 0800 304 7600. Email: pensionaccess@harbourrockcapital.co.uk