UK QUESTION - Does anyone know how long the "pension unlock" process takes?

I have an old company pension and have decided to take a lump sum next year (while I'm still young enough to enjoy it) and was wondering if anyone knows roughly how long the process takes. I am hoping to have the funds by the end of next year.

My husband had exactly this, and he too decided to 'cash in' -the whole thing only took a couple of months -I suppose it depends on the company..........good look!

Currently, you need to be at least 50 to do this (55 from April 2010).

If it's an occupational (company) scheme, you don't necessarily have a right to take your pension before you reach the scheme's 'Normal Retirement Age'. This is specific to the scheme, and won't necessarily coincide with your State Pension Age.

If you transfer (move) your benefits to something called a personal pension, you can access this at any time from the age of 50 (again, this is the current legal minimum age - rises to 55 in April 2010). Just beware the amount you may find yourself paying for the privilege.....

You say you 'have decided to take a lump sum'. This could mean that you have a very small pension and can take it all as cash, or perhaps you will be taking some cash + a pension? Do remember that generally the younger you are when your pension starts, the lower the starting level.

The scheme concerned will be able to give you more information on your options and tell you what you could expect to receive.

A good general article on this topic can be found at:

http://www.telegraph.co.uk/money/main.jh...

For expert, free and impartial information, try: http://www.pensionsadvisoryservice.org.u...

It depends on the company that you use. I myself am in the industry and have done this for a few of my clients and it normally completes within a month.