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Can I Sell My Pension?

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Yes, you can sell your pension! But there are some considerations to make before you do.

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We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.

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When you get let down by someone you thought you could trust, it can leave its mark on you, emotionally and physically.

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What To Know Before Selling Your Pension?

Most people can withdraw their whole pension in cash as soon as they reach the age of 55. If you are over the age of 55 and choose to withdraw your pension, the first 25% is usually tax-free and the rest will be taxed at your current marginal rate of income tax.

If you are under the age of 55 and you sell your pension early, you will be subjected to extremely high tax bills, as much as 55%, which means selling your pension could end up losing you money.

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Recognise These Pension Selling Warning Signs

The signs below could be big indications to avoid a company when selling your pension.

  • The company offers to sell your pension as an investment for which you can expect a return
  • The financial advisors you speak to are pushy
  • Companies offering you loopholes, cashbacks, or advances
  • Cold calls, emails, or marketing material

If you have been convinced to sell your pension after dealing with a company like this, you might be eligible to make a claim.

Pension Selling FAQs

Can I Avoid Paying Tax When I Sell My Pension?

You can take 25% of your pension free of income tax if you have the most common kind of pension – a defined contribution pension.

Can I Sell My Defined Benefit Pension?

You can, but in most cases you’ll be worse off. Transferring from a defined salary pension involves giving up the benefits that come from a final salary pension for a lump sum of cash. This can come with a number of risks. Find out more about final salary pension transfers here.

Can I Sell My Pension If I Am Under 55?

You can, but in most circumstances, it’s unadvisable because you’ll be heavily taxed (55% on the amount you withdraw). Companies that arrange early pension releases are also unregulated by the FCA (Financial Conduct Authority), which means if anything goes wrong, you’ll find it difficult to make a claim or find support.

Can I Sell My Private Pension?

You can sell your private pension, but you’ll be heavily taxed (55% on the amount you withdraw) if you sell your pension under the age of 55.

Companies that arrange early pension releases are also unregulated by the FCA (Financial Conduct Authority), which means if anything goes wrong, you’ll find it difficult to make a claim or find support.

Do You Think You Have Been A Victim Of Pension Mis-Selling?

Pension mis-selling may occur when you were advised to invest, sell, or transfer your pension into a scheme following misleading advice. If you have a feeling that you were a victim of pension mis-selling then we might be able to help.

Do you know how people complained about mis-sold investments and pensions in the last year?

A lot. Over twenty thousand complaints were made about mis-sold pensions and investments in 2020/21, a figure which had doubled since the year before.. It’s no secret how serious this problem is, and it just seems to keep getting worse.

People receive poor financial advice every day. Sometimes they don’t even realise that they’re owed whopping amounts of compensation.
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Have You Been A Victim Of Financial Mis-Selling?

Answer a few questions and find out if you have good grounds to make a financial compensation claim:

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Were you told to invest all, or most, of your savings into a single product?

Reaching out for help is never easy,
especially if you’ve been misled in the past.

But getting in touch with us won’t commit you to anything. We want to toss you a lifeboat and guide you through the choppy waters of the financial ocean, not leave you struggling to stay afloat. Our experts are here to offer advice and support on financial claims. We know what we’re doing and you can trust that if you’ve got questions, we’ve got answers.

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Spencer Churchill Claims Advice Will:

  • Speak to you in plain English
  • Provide you with a dedicated claims specialist
  • Pay attention to the small details of your case
  • Keep you up to date with the status of your claim
  • Make sure you understand our charges
  • Do absolutely everything we can to win your claim

Speak to an expert today

We have decades of experience in helping people claim back money that is rightfully theirs. Whether you want to make a mis-sold pension claim, have questions about a mis-sold investment, or you’re just looking for some advice you can trust – we’ve got you covered. Reach out to our team today for a no-obligation, completely free chat. 

Call: 01204929929

Office Hours:

Monday: 8:00am–6:00pm
Tuesday: 8:00am–6.00pm
Wednesday: 8:00am–6:00pm
Thursday: 8.00am–6.00pm
Friday: Office Closed

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