The Pension Unlocking Step by Step Guide

Step 1

Our consultant will determine your objectives and ask for some details about yourself. The more information you can provide the more comprehensive our advice will be.

Our consultant will advise you whether, in your circumstances, unlocking your pension is a suitable course of action for you.

Step 2

We will also send you a short ‘risk profile’ questionnaire to complete as this will ensure that we only put forward specific recommendations that match your appetite for investment risk.

Step 3

Once we have received your signed Authority Form we will write to your pension companies for details of your benefits.

Step 4

Once we have received the information from your pension providers, if a lump sum or pension is available one of our consultants will contact you to explain the options, and advise of other alternatives that may be more suitable.

Step 5

We will then provide our initial advice in respect of meeting your objectives, both over the telephone and in writing (The Pension Unlocking Report) outlining alternative methods of meeting your objectives if these are a more suitable course of action in your case.

These alternatives could include debt consolidation, remortgaging or other borrowing, use of other existing assets, or applying for State assistance.

If there is an alternative method of meeting your objectives which offers better long-term value we will recommend this, and will put you in contact with an organisation that can help.

Only when these alternatives have been investigated can accessing pension benefits be considered suitable.

Step 6

If appropriate we will send you the necessary paperwork to unlock your pension.

We are aware that pensions are confusing, and we will assist you where possible with the completion of any forms.

Once you have completed all necessary paperwork we will contact your pension company to inform them of your decision.

Step 7

We will arrange for your pension company to pay benefits to you.

In some cases it may be necessary to transfer your benefits to a different provider. We will conduct all the relevant reasearch and request that your pension company transfers the money to the most suitable provider given your needs and circumstances.

We will then liaise with your new pension company to pay your lump sum and/or income.

Step 8

You have the right to cancel the new arrangements and you will receive a 'Cancellation Notice'. This allows you a period of reflection during which you may decide to withdraw from the agreement within the specified period of up to thirty days. Where applicable the pensions provider will confirm the specific period.

Any fees or commissions will usually be deducted from the pension fund itself or the money you receive, depending on your specific circumstances. Alternatively you could choose to pay any fees directly. All our charges are disclosed in writing when our consultant provides their advice, and only become payable should you confirm that you wish to proceed with unlocking your pension.

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For more information see the:
Pension Unlocking FAQs

More: Pension Unlocking Overview and Pension Unlocking Enquiry Form.