• Martin Bage
  • 40 Church Street
  • Shildon
  • Co Durham
  • DL4 1DX
  • Tel: 01388 776000 or 07774248820
  • Fax: 01388 776275

Financial Advice... pure and simple

We provide financial advice and planning, in plain English, to people who want to ensure they make the right financial decisions at the right times and at the right cost. It's simple!
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Financial Advice... pure and simple

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Pension Commencement Lump Sum

Let’s make this easier - a Pension Commencement Lump Sum (PCLS) is a complex way of saying “tax free cash”.

When you reach your retirement age, currently 55, you can take up to 25% of your pension fund as a lump sum. This is tax free. The remaining sum must be used to buy an annuity.

What can you use it for?

Spend it, clear the mortgage, save it or invest it. This cash injection can be a great boost to your retirement lifestyle. The only ‘off-limits’ investment is you cannot put it into another pension plan.

Things to watch for

Taking a lump sum will significantly reduce the value of your pension fund. Make sure you seek some independent specialist advice to see how this will affect your future income.

Annuities - what are they?

Open market option


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