You are currently NOT logged in.
Tax free cash lump sum
This is now known as a Pension Commencement Lump Sum. (PCLS)
Currently, you may take up to 25% of your pension pot as a tax free cash lump sum, once you are over 55. You may do what you like with this money but the remaining 75% ,must be used to purchase an annuity.
Prior to 2006, some types of pensions had different limits for the amount of tax free cash that could be taken. Retirement Annuity Contracts for example could take a tax free cash lump sum equivalent to 3 times the residual annual pension payable. This could mean a PCLS up to 35%.
There was the option of protecting any enhanced tax free cash prior to the 2006 deadline so you should be careful as any future transfer will remove this protection.
If you have one or more existing pensions and would like guidance on your options then call the helpdesk on 01642 525511 or click here to request your free pension transfer analysis report.
If you have an old or frozen pension plan then you should have it reviewed by the qualified experts.
You may be able to:
- Increase the value of your pension
- Unlock your pension
- Consolidate your plans
- Save £thousands in pension charges
- Access better performing funds
- Release tax free cash from your plan
- Receive an immediate income
