Simple steps - How does pension unlocking work?

We will send you an Authority Form and our Client Agreement, which you should read carefully before signing and returning the documents - please feel free to contact us at any time if you have any questions regarding these documents.

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

How long this takes depends upon your pension company, but rest assured we have an experienced team who will maintain regular contact with both you and your pension company.

The information we receive is thoroughly checked.

Sometimes, depending on the type of pension you have, you will not be able to raise a lump sum or income and we will inform you at the earliest possible opportunity. At this stage there is no cost for this service.

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.

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 analyse your circumstances and determine if unlocking your pension is a suitable course of action for you. As part of this analysis we will also provide an overview of any potential State Benefit entitlement you may have now or in the future, and the effect that unlocking your pension will have on this entitlement.

We will then provide our initial advice in respect of meeting your objectives, both over the telephone and in writing, 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.

This advice is provided without obligation, and we will close your file without charge should you choose not to proceed having read our advice.

Given that pension unlocking is unsuitable for most people, our advice will normally be not to proceed with unlocking your pension.

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.

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 request that your pension company transfers the money to an appropriate provider.

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

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 money you receive. All our charges are disclosed in writing when our consultant provides their advice, and only become payable should you confirm in writing that you wish to proceed with unlocking your pension.