One of the most difficult things that individuals and families are having to cope with during the extremely tough economic times with which we are faced, is trying to obtain any form of lending from banks, building societies or other financial institutions.
No matter which lender you approach, you will find that most, if not all, have imposed far more stringent lending criteria on applicants - even those who already bank or save with them - to the extent that the possibility of being successful in your loan application, whether you are seeking a unsecured or secured facility, is virtually impossible to predict.
As a result of this more and more people are now giving serious thought to selling off their pension as a way of getting their hands on much-needed funds now instead of having to wait until they reach retirement age.
The majority of us will have some sort of pension plan to help tide us over when we stop working.
In most cases we make regular monthly or annual contributions to our pension and if we are fortunate our employer may also contribute, all with a view to building up a pension pot when we retire which will then be used to buy an annuity to provide us with a regular income on retirement.
There are a variety of different types of pension available as well as an assortment of investment models which can be used to generate a return on the capital invested - namely the pension pot - and which one you choose can make a substantial difference to the value of the pension you ultimately enjoy when you retire.
As a general rule the longer you have had your pension and the period during which you have made regular payments into your plan will determine to a great extent the value of your pension fund and thus the income it will be able to provide you with on retirement.
If you have been contributing to your pension for many years then, with the generous tax incentive which are available, the chances are you will have built up a not-insubstantial amount in your pension pot, which is the reason more and more folk are now thinking of selling their pension off prior to retirement.
That way, they will be in a position to access at least part of the capital within the fund at this stage, rather than perhaps having to wait many years till retirement.
Basically despite the fact that many lenders have adopted a much more conservative approach to lending these days, it is a fact of modern life that people require access to credit to smooth out the peaks and troughs in their personal finances.
Previously this would perhaps have meant requesting an overdraft facility from your bank or applying for a credit card.
But with these options no longer open to many, it is little wonder that the option of releasing funds from your pension has become an attractive one.
That said, this is not a route you should go down without careful consideration and having first taken taking independent financial advice.
In a sense, by accessing your pension fund early, you are effectively enjoying "jam today".
However, your pension fund will be reduced, meaning that when you do reach retirement age, you will have to be prepared to accept a reduced income on retirement unless of course you can make up the difference and more in the intervening period.