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- Q7164773 subject Q15285876.
- Q7164773 abstract "Pension release is the removal of money from a pension fund at the age of 55 or older. Under UK law, as part of their transfer to a new provider a person can access up to 25% of their defined contribution fund tax free from the age of 55. They do not have to start taking income while the rest of the fund remains invested. The State Pension does not allow pension release.Between April 2014 and April 2015, the entirety of a fund can be removed if it is not higher than £30,000. From April 6, 2015, there will be no limits on how much money can be removed, but all withdrawals outside of the 25% tax-free cash will be treated as taxable income.With the exception of pension recycling (adding released money back into a pension to enjoy tax relief for a second time), there are no restrictions on how the money can be used by the individual. A popular use is to tackle debts before entering retirement.Pension release is only available from a defined contribution pension fund that allows income drawdown, which is the mechanism that allows tax-free cash to be removed while keeping the rest invested. Members of a defined benefit, or final salary, scheme must transfer to a defined contribution scheme to have the option of pension release, but advice should be sought before doing so as it can mean relinquishing a number of benefits. The government has announced that only funded defined benefit schemes will be able to transfer out after April 2015, which will exclude most public sector pensions.".
- Q7164773 wikiPageWikiLink Q132580.
- Q7164773 wikiPageWikiLink Q1364787.
- Q7164773 wikiPageWikiLink Q1368.
- Q7164773 wikiPageWikiLink Q145.
- Q7164773 wikiPageWikiLink Q1527264.
- Q7164773 wikiPageWikiLink Q15285876.
- Q7164773 wikiPageWikiLink Q156223.
- Q7164773 wikiPageWikiLink Q166559.
- Q7164773 wikiPageWikiLink Q2027846.
- Q7164773 wikiPageWikiLink Q22907693.
- Q7164773 wikiPageWikiLink Q294217.
- Q7164773 wikiPageWikiLink Q4290.
- Q7164773 wikiPageWikiLink Q6015047.
- Q7164773 wikiPageWikiLink Q66055.
- Q7164773 wikiPageWikiLink Q693464.
- Q7164773 wikiPageWikiLink Q7023752.
- Q7164773 wikiPageWikiLink Q705450.
- Q7164773 wikiPageWikiLink Q7188.
- Q7164773 wikiPageWikiLink Q7748.
- Q7164773 comment "Pension release is the removal of money from a pension fund at the age of 55 or older. Under UK law, as part of their transfer to a new provider a person can access up to 25% of their defined contribution fund tax free from the age of 55. They do not have to start taking income while the rest of the fund remains invested. The State Pension does not allow pension release.Between April 2014 and April 2015, the entirety of a fund can be removed if it is not higher than £30,000.".
- Q7164773 label "Pension release".