Q. Am I eligible?

A. If you are over 50 and have a UK pension, then you could be eligible to receive cash from your pension. However, in 2010 new legislation will change the minimum age to 55 and over.

Q. How much can I get?

A. Every individual has unique circumstances and therefore it is impossible to give an accurate answer to this question without first examining your personal situation as well as the size of your existing fund.

The maximum tax free cash is normally up to 25% of your fund although more can be available in certain circumstances. However, it would always be recommended that you take as little as possible to meet your requirements, to ensure that your future income from this pension is not reduced too greatly.

Q. How much will it Cost?

A. This depends on the number of pensions you wish us to look into, the size of them and any additional work that may need to be carried out. There are no charges for the initial Pension Review and Recommendations Report.

In the Pension Review and Recommendation Report, sent to you following on from the initial investigation, you will be given clear information as to what charges may apply should you wish to go ahead. There may also, in some cases, be a penalty for leaving your existing provider early.

The Pension Review and Recommendation Service is Independent, Free of charge and Without Obligation.

Q. What is the Catch?

A. Clearly what you take from your pension fund now, will reduce what you get when you choose to retire. In addition, it may not be possible to find an alternative fund that will meet your requirements as well as your existing provider. This means that you will not only reduce the fund if you take tax free cash, but your remaining fund will probably increase at a slower rate as well. This will leave you with less to live on when you retire.

You should always consider other ways of raising cash before taking money from your pension. Typically these options would cover things like Mortgages and Secured or Unsecured Loans which could be re paid well before your retirement age and have a lesser affect on your retirement income.

It is important that you fully understand the advice you will receive. In many cases, pension release is not a recommended action to take and you must make sure you understand the consequences should you choose to go ahead.

Q How does the process work?

A. To start the process is simple. Please complete the form to the right or contact us for further information.

The first part of the process will be for Pensionlite to gather some information, usually over the telephone, about you, your circumstances and aspirations. Pensionlite will also need to gain your consent for your existing pension scheme providers to release information about your plans.

When all the relevant information has been gathered Pensionlite will produce for you an Independent, Free of Charge, No Obligation, Pension Review and Recommendation Report which will be tailored to your unique circumstances. You will then have the opportunity to talk through your options and make a decision.