blog 1 Mortgage Advice UK

The Dangers of Pension Release

More than £17 billion has been withdrawn legitimately from pensions in the form of cash lump-sums and annuities since the new freedoms were introduced in 2015. But the new freedoms have brought new dangers.

Some companies are now specifically targeting the under-55s, telling them they’re able to access their retirement fund.

While this is not necessarily illegal, it is an unauthorised payment from your pension (apart from two very specific exceptions) and therefore it should certainly be avoided because you will end up losing a lot of money.