Can You Take Your Pension Before 55?

By June 20, 2017Lincolnshire
Can You Take Your Pension Before 55?

You cannot usually take money from your pension pot until reach the age of 55, however there are some cases where it may be possible. If you are seriously ill you may be able to take your pot early, regardless of your selected retirement age. The rules on taking your pension before the age of 55 depend on your pension provider.

If you think you may be eligible to take your pension early due to ill health, it is advisable to seek independent pension advice. A financial adviser that specialises in pension advice will be able to advise you on your best course of action and will help you determine whether you can access your pension pot early.

If you are looking for pension advice in Lincolnshire, we can help you find a pension adviser to help you with all aspects of pension planning, including taking your pension pot early due to ill health. Our recommended financial advisers provide pension advice in Lincolnshire to work with you to ensure you have the most effective pension planning strategies in place. All of the financial advisers we recommend provide advice that is tailored to your unique circumstances.

Taking your pension early due to ill health

If you are unable to work due to illness, you could be eligible to take your pension before the age of 55 or your selected retirement age. Your eligibility will depend on the rules set out by your pension adviser and their definition of ill health. A financial adviser will be able to help you determine the rules of your pension scheme and whether you are eligible.

Taking your pension early if you are seriously ill

If you have been diagnosed with a terminal illness, you may be able to take your whole pension pot tax-free. This could apply to you if:

  • You are expected to live for less than one year
  • And your pension pots are worth less than the lifetime allowance of £1 million.
  • Can you take the State Pension early?
  • There are not currently any provisions in place for taking your State Pension early. The earliest you can begin to claim your State Pension is when you reach your State Pension age, which will depend on your gender and the year you were born.

If you are looking for pension advice in Lincolnshire we can help you find a specialist pension adviser that can provide advice on all aspects of pension planning, including whether you are eligible to take your pension before your selected retirement age.

Seeking pension advice will help you to gain a clearer understanding of the different options available to you and ensure that you have the most effective strategies in place for your personal circumstances.

At PensionAdvice.org we can help you find a FCA registered financial adviser for independent pension advice in Lincolnshire. The financial advisers we recommend offer bespoke pension advice in Lincolnshire on all aspects of pension and retirement planning.

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