Can I take out the whole of my pension as cash?
Yes, you can take your pension as a lump sum, however, there are tax implications to consider before doing this. If you take the whole of your pension as cash, the first 25% of the pension is tax free, but the remaining 75% is potentially taxable. Please get in touch with us for a more detailed summary around taking the whole of your pension as cash.
How much tax will I pay if I take all of my pension as a lump sum?
The first 25% of your pension fund can be taken as a tax free lump sum. The remainder will be taxed as income, so the rate of tax you pay will be determined by how much income you earn from all sources.
I am in receipt of my pension / annuity, can I cash it in now?
No, at the present time you cannot fully cash in your pension annuity. The Government have announced you will potentially be able to sell your annuity for cash from April 2017. Please refer to the following government website article here.
How do I claim the first 25% of my pension tax free?
Please contact your current provider to see what facility they offer, if not contact Profile Pensions and ask them to allocate a review with no obligation here.
Can I cash in my final salary pension?
Cashing in a Final Salary Pension (or Defined Benefit Scheme as they are also known) is a very complex area. This is not something we are currently able to review for you. Our recommendation would be to suggest seeking advice from a local Financial Adviser, or alternatively we have a preferred network of partners we can introduce you to.
How much state pension am I entitled to?
Please contact State Pension Forecast for more information by calling 0345 3000 168 or by clicking here.
If I take my pension now will my benefits be affected?
We suggest you find advice from an organisation like CAB here or possibly Age UK here, or Department for Work and Pensions (DWP) here.
Who should I set up a new pension with?
Please tell us about your individual situation, we can guide you on what might be the best route for you here.
Do I have to enrol in the new company pension scheme?
If you’re an eligible jobholder, who doesn’t want to join your employer’s workplace pension scheme, you can opt out of the scheme after you have been automatically enrolled.
What are the new State Pension changes?
The new State Pension will be a regular payment from the government that you can claim if you reach state pension age on or after 6 April 2016. You’ll be able to get the new State Pension if you’re eligible and:
  • a man born on or after 6 April 1951
  • a woman born on or after 6 April 1953
I have my own business and want to set a pension up for 6 employees, how do I do this?
We suggest you refer to the Pension Regulator here.