Can I withdraw my pension early? - Pensions 101

'Can I withdraw my pension before 55?' - we're often asked this question by our customers. Withdrawing your money before the minimum age of 55 is known as 'early pension release', the minimum age will rise to 57 by 2028. The rules around this are that unless you have exceptional circumstances, such as ill health, you’ll be charged a substantial amount of tax on your withdrawal, and could risk losing all of your savings to scammers. Personal Finance Journalist and Money Blogger, Faith Archer, explains the rules around early pension release, and what to watch out for so you don't get scammed.

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[levitabusman]

Why would risk losing all of it? I don’t understand I’ve earned that money why can’t I take a few grand to invest?

[marksamuel]

I haven't seen any service at all that will help you withdraw from your pension, yet so many people go on about paying large amounts of tax if you withdraw. It's really difficult to get a straight answer on this.

[steveknight]

What if I plan to permanently leave the country and never return, I have only lived in the UK for less than 10yrs (only paying a pension for less than 8yrs)? Is it just a write off? I know I can leave it then deal with it later but I have a feeling that will be more hassle than it's worth in 20+ years from now as I haven't been saving for long enough to be beneficial

[aleong.]

Hi Team,
Are there any providers which are not a scam
But still allow early cashing out before 55 years old. I am happy to pay the 55% taxes as long as I can get my money back.

[jacob]

How is it just that the money gets taxed more if we take it out early? It’s our money so why can’t we do what we want with it? If I understood that when I signed up I probably would have passed…bastards

[BeverleyWright-li]

I am 64 this I asked DWP could I retire early n claim my pension no they said unless I had a personal pension I just wish they hadn't changed the age ...60 is a good age for a woman to retire. Not just working but working all her life as mother and housewife

[lilliespriggs]

in September 16 2022 I put in for my pension and I haven't received a penny to whom can I talk to about local 54 pension

[markhosbrough]

What about early release because you want the funds invested in the country you have moved to

[brownr]

IS ANYONE astute enough to explain the steps to take to get your pension?

[alvarodias]

I have pension from an old employer. I can take 55% of ir at 56 yo. I'm 56 now should I start taking it now?

[empowerhealth]

How can you tell me I can you tell me I can not take my hard earned money if I want to takes it the only scammers I see is the government and your business

[theoisme]

So, you could potentially have millions in your pension and be skint at 50, so you live like a bum for 7 years until you can live like a king 😂

[davidwilson]

Hi Can I ask for a bit of advice about a company pension scheme.

We setup a company 1998 there were three business partners all partners are company directors we setup a company pension policy scheme we were all trustees of the pension policy. Sadly one of the directors passed away and I left the company in 2008.

I asked Pension Company in 2020 about my annual statements which I’ve never received I explained I do not work for that company since 2007. They told me to contact my old company to send a letter to them tell them that I have left the company and send my statements to my home address.

I’ve spoken to the remaining Director twice last year asking him to send a letter for me for some reason he doesn’t seem willing to do it for me.

I don’t what to do or where to go with this is or who I contact for advice.

[sayaanlol]

Does anyone know any providers thst will allow me to cash out my workplace pension before age 55? I'm aware of the huge tax implications