Pension Regulators have recently changed the way in which pension release applications will be handled, In particular the eligibility for pension unlocking. From April 2010 ( that is under two years away), the age at which you can apply for pension release will go up to 55, from 50.
This means that anyone currently between the ages of 50 and 53 who are considering releasing money from their pension, be it an occupational or personal pension, should think about finding out as much information as possible as soon as possible to prevent a delay should they wish to release their pension at a later date.
Pension release is a process not suitable for the majority of scheme holders as in most cases you will see a far smaller return on investment than had you waited until the policy’s maturation date.
However, should you have a stable financial base and wish to unlock some cash from your pension for a bit of fun, to help out a family member or to pay off debts it is an avenue worth exploring.