Accessing Your Pension Pot

 

If you are 55 or over you may be able to take up to 25% of your pension as a tax-free lump sum, however creditors should never pressurise you to do so.

Great care should be taken before considering this option.

If you are considering this option you should first get specialist pension advice – contact www.pensionwise.gov.uk

 
 

Advantages

  • It may be possible for you to deal with your debt in a way that otherwise you could not afford.

 

Disadvantages

  • The amount available to you as a future pension will reduce.

  • It may negatively affect your benefits.

  • There may be additional costs.

  • There may be tax implications if you take out more than 25%

 
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Your OptionsMegan Heath