Can I access my pension savings early?

Many people are finding themselves in the unexpected position of having a severely reduced income, no guarantee of job security, or even losing their jobs outright due to the continuing Covid-19 crisis.

Understandably, this has also left many of you wondering what your options are regarding the money you have saved or invested, as well as securing your income for the future, which may include looking at pension schemes, investments, mortgages and personal loans.

Currently in the UK, you can access a personal pension pot from your 55thbirthday and a state pension from your 67th.  Accessing it any earlier could mean you are subjected to penalties or a very elevated tax rate, however this would depend on the conditions of your pension scheme.

Some other options to take into consideration during these uncertain times might be to review your current mortgage product or any investments you have in place.

Remortgaging your property can have several different outcomes:  you could secure a better deal lowering your monthly payments and taking some of the pressure off, you may be able to raise capital through any equity you have in the property or you might use it to aid with debt consolidation.

If you are approaching retirement or would like to learn more about early release options, we can assist you with retirement planning including, but not limited to, preparing your retirement provision, reviewing your existing pensions and savings, researching all of your pension and income plans including state pensions and building a plan to match your needs.

Alternatively, our specialist mortgage advisers will review your current mortgage deal and source offers from the whole market in order to make a recommendation based on your current needs.

We can also carry out a review of any existing investments you have to establish their objectives, performance, level of risk and suitability for your future needs, as well as planning your potential future investment or income needs with you.

Here at Amethyst, our team of independent financial advisors are authorised by the Financial Conduct Authority to offer impartial and unbiased advice. We carry out an initial consultation which is free of charge and without any obligation, in which we will assess your financial requirements.

In addition, under the current circumstances we are now offering these services via telephone or video, so get in touch to book your appointment today.

Back to Blog

Other Posts

How to get the most from your savings

How to get the most from your savings

8th June 2022

How to save for your child’s future

How to save for your child’s future

28th January 2022

Why a financial review should be your Christmas present to you and your kin.

Why a financial review should be your Christmas present to you and your kin.

14th December 2021