So what's the catch?

It's a great temptation to release your money and or income from your pension, especially if you really feel that you need it now. However you must bear in mind that releasing your pension now means, quite naturally, that your income in retirement will probably be considerably less than if you waited until your normal retirement age.

This means that you will have less to live on when you retire, and as such pension unlocking is only suitable for a very limited number of people. So unlocking your pension will rarely be to your long term financial advantage. Therefore you should look at all the other options before considering releasing your pension. You should ask yourself if you really need to raise extra cash? If so, could you borrow the money by way of a personal loan or remortgage? Do you have any savings or other assets you could use?

Your pension consultant will recommend the option that he considers is best for you having considered all the advantages and disadvantages, your objectives, circumstances and the other options you could use for raising the money. Just to remind you, there is no cost or obligation to you in our recommendation as to the most suitable option and how it will affect you now and in the future.

This service applies to pensions within the UK. Unlocking your pension will mean that your income will probably be considerably less than you could expect if you waited until your normal retirement date and as such is only suitable for a very limited number of people and circumstances.