What is pension release?
Pension release (also known as pension unlocking) is when a person withdraws money from their pension pot before the legal age of 55. Usually, these schemes are very expensive scams, and therefore any release scheme offering pension "cashback", "loans", "saving advances" or offering the use of "loopholes" should be avoided entirely.
Pension release can be legal, but only in certain circumstances. The most common is if the owner of the pension pot is experiencing very poor health and may pass away soon. Even if this is the case, you should think very carefully about whether pension release will put you in a poor financial state in the future. You should always consult a financial advisor if you're unsure.
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