Since pension freedoms were announced and implemented in April 2015 there has been a popular misconception that anybody is able to simply cash in their pension.
Unfortunately this is not the case. Firstly, you have to be 55 years old to actually access your pension. There are also many other factors which make cashing in a less desirable option, not least the amount of tax you may be liable for should you cash it all in in one lump sum. On the other hand, it is sometimes a perfectly good option. The key is to consult with a financial advisor before deciding to cash in. You can see more at the Money Advice Service here
© Copyright - Comparing Pensions 2019 Comparing-Pensions.co.uk is an independent marketing website which only acts as an introducer to companies who offer Financial Advice. Companies on our network are authorised and regulated by the Financial Conduct Authority. Comparing-Pensions.co.uk are not authorised to give any advice and we are not liable for any financial advice provided by, or obtained through a third party. Whilst in a lot of cases, switching is a good option, some older pensions might contain other benefits or guarantees that could be lost by transferring. We will refer you to a specialist pension adviser to explain this to you in more detail. The information published on the comparing-pensions.co.uk website is for information purposes only. In accordance with the Data Protection Act 1998, the personal information you have provided will be treated in the strictest confidence. Our Registration number is Z3246852. | Source * According to the Money Advisory Services*, Each year, people buying annuities throw away £1 billion in pension income by failing to shop around. -see https://www.moneyadviceservice.org.uk/en/articles/how-to-shop-around-for-an-annuity | ** This is based on a male aged 65, with a £50k fund, 5 years guaranteed, with no escalation, with no value protection, based on SE25 6PU postcode, compared this to the lowest standard annuity rate offered via Iress Exchange on 15/10/2018