Your pension freedoms

Introduced by the government, the pension freedoms are designed to give you more choice and flexibility.
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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
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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 will not cost you a penny and any advice charges are confirmed in writing before you have to make a decision to proceed. This means you can walk away better informed with nothing to pay.

How it works in 3 easy steps

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

Our initial investigation into your pension will not cost you a penny. If you decide to access the pension freedoms, we can take care of everything. This includes managing your pension for you. Any advice charges are confirmed in writing before you have to make a decision to proceed. This means you can walk away better informed 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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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 009 3388. Email: pensionaccess@harbourrockcapital.co.uk
© 2024 Pension Access. All right reserved.
What's in your info pack?
Your FREE information pack contains all the information you need to make an informed decision on wheter or not taking tax free cash from your pension is right for you.
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Note: We are unable to advise on the state pension or any pension you are already taking an income from.

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