If you have a private or occupational UK pension scheme, you can cash in your pension up to 85% of the value of the pension fund, tax free at any age.
We are seeing that more and more of our cases are for clients wishing to take cash from their UK pension fund. Perhaps it is not surprising that people want to do this as most UK pensions will not give you much during your retirement and often the fund could be better used to pay off expensive debts, mortgages or for any other reason. HOW DOES IT WORK?
People need to access the value in their pensions for all sorts of reasons of course but it is important that they understand that in doing so they are removing the benefits that a pension fund would otherwise provide in the future.
You need to ascertain what the transfer value of your pension scheme is, not the fund value; if it is more than £25,000 then UPENT or Umbrella Pension Trust can release a little more than 50% of that to you but if the transfer value is in excess of £60,000 then UPENT can return up to 85% of the transfer value to you in a tax free wrapper for you to use and invest and manage yourself thereafter.
The legal processes behind the Umbrella Pension Trust process have been used in one form or another for over 15 years so are well tried and tested. The implementation of The Umbrella Pension Trust is carried out by appropriately qualified and indemnified regulated legal and taxation staff in London.
In addition to The Umbrella Pension Trust our collaborating tax strategists are engaged in the protection of personally or corporately owned asset portfolios from capital gains and inheritance tax and in securing income streams from all forms of income taxation.
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