Taking pension money early is not right for everyone as it will leave you worse off in retirement.
Why should I get financial advice for my pension?
We hear this question a lot, and we understand why.
Yet, whilst the pension rules are fairly black and white, pension schemes and the impact of taking money early from them are far from it. Let’s take a closer look at three of the main pitfalls.
Less to live on in retirement
The main purpose of a pension is to provide an income in retirement. So, the more you take early, the less you will have to supplement the State Pension, which, as of May 2025, is a maximum of £11,973 per year. This is why it’s best to consider other options before your pension if you need money right now. We can help you explore those options, including which one is best for you.
A higher tax bill
The first 25% you take from your pension is tax free. Everything after that is taxed as income. And if the money you take pushes you into a higher tax bracket, you will be handing over 40% or even 45% of some of that lump sum to HMRC. We can help you understand the implications.
Giving up valuable benefits and guarantees
Some pensions have built-in guarantees including the promise to pay you a set income for life. In most cases, you will forfeit this extremely valuable benefit by making changes to the scheme. Other types of pensions have benefits you will lose or penalties you will incur if you take money early. We can set all this out for you and advise on the best way forward.
"Everything explained in an easy manner that has put me at ease. Customer service 10/10.”
We have already helped thousands of people across the UK with their pensions.
We currently manage over £½ billion in pension savings for more than 10,000 clients.
Peace of mind
We will provide all the information and advice you need to make confident pension decisions and avoid costly mistakes. We believe in plain English, not jargon, and our service is by phone, email and post, so you can access it anywhere in the UK.
No obligation
Our initial investigation will not cost you a penny. As a result you will receive lots of useful information including:
If it is possible to take money from your pension early
An overview of your pension options from one of our financial advisers
Accessible and transparent
After our initial investigation, any advice charges are confirmed in writing before you do anything. This means you can choose to walk away better informed with nothing to pay. And our dedicated support team is just a phone call away.
How to start your pension check today
Complete and submit the form below. This simply enables us to gather the information we need to check your pension. It does not commit you to a thing.
We follow strict rules around protecting our clients’ data.
Note: We are unable to advise on the state pension or any pension you are already taking an income from.
Pension Access is a trading name of Harbour Rock Capital Limited which is registered in England & Wales as a Limited Company, No. 10290349. Authorised and regulated by the Financial Conduct Authority, No. 754580. Registered Offices: Affinity House, Beaufort Court, Sir Thomas Longley Road, Rochester, Kent, ME2 4FD. Telephone: 0800 009 3388. Email: adviseme@harbourrockcapital.co.uk
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