It is extemely common for people to ask whether that can withdraw their pension before the age of 55.

For most people, there is no option to take your pension before 55. However,

There are some circumstances where you can take your pension early, before 55 – the two main conditions are if you had a “protected retirement age”, or if you are in ill health.

Protected retirement age:

A protected retirement age is an old rule where pension scheme’s would “protect” a retirement age, so even if the legislation changed to 55, the pension provider could still pay out before this. This is not particularly common anymore, but it is worth checking if your provider offers this. This would enable you to cash in your pension before the age of 55.

Under 55 and in ill health:

 In the event of ill health, it is possible to take your pension early, even before age 55, from most types of pension.

The illness:

  • Does not have to be life threatening
  • Must be permanent
  • Must prevent you from working

It is extremely common for many pension providers to tell customers they cannot take their pension early, even if they are in ill health. We believe this is due to a lack of knowledge from staff who don’t know the rules. 

The amount of times we have spoken to customers who want to take their pension early but have been told they can’t by their provider is staggering. 

If you have been advised you cannot take your pension because you are under 55, this is not always true!

If you are under 55 and are in ill health and would like to discuss your options, we are experts in this field and can help you. Contact us now on 01793 686393.