What is a Pension Loan?
You aren’t able to sell your pension or take a loan from your pension, or assign the policy or benefits to someone else or 3rd party. However, the act of taking pension benefits early has been referred to as ‘a pension loan or selling your pension’. More common terminology is Pension Release, or Pension Unlocking.
Cashing your pension early will reduce your retirement benefits and therefore is not suitable for most people or circumstances and should not be seen as an easy choice for raising cash.
This means you should consider carefully before contemplating pension loans, selling your pension, pension unlocking or pension release. To be able to help you in making the correct decision, always seek the advice of a professional and impartial Independent Financial advisor who will provide you with all of the information and support that you need.