When we talk about eligibility, we mean whether or not you are able to access your pension from the age of 55, and the pension types that are eligible for early access.
Generally, you must be 55 or over.1
If you access your pension before this, there is usually a big tax penalty.
In some instances, you may be able to access your pension earlier without a penalty. This is usually only if you have a serious health condition that impacts your life expectancy.
Most private and workplace pensions are eligible.
Most defined conribution pension schemes are eligible for early access.
If you have a defined benefit pension, you would first have to transfer to a defined contribution scheme, which is usually not recommended because you will be giving up a guaranteed income for life.
Unfunded schemes are not eligible.
This includes NHS, teachers, armed forces, civil servants, firefighter and police schemes
The longer your pension is left untouched, the more potential is has to grow
This could mean more money for you in retirement.
Here are a few points to consider:
Your pension may be offering you valuable guaranteed benefits that you could lose if you access or transfer your pension.
Taking money early will leave you worse off in retirement.
If you decide to keep your pot invested, it is worth checking that it is living in the right home. Ask yourself:
Are my investments in line with my willingness to take risk?
Am I paying too much in fees to my current provider?
Are my investments performing as well as they could be?
Unsure on the above? Don't worry, Give us a call on:
0800 029 4477
We can help you check.
What can I do?
Knowing what you can do is the first sep to deciding what you should do. Let's run through your pension options from the age of 55.
Eligibility
When we talk about eligibility, we mean whether or not you are able to access your pension from the age of 55, and the pension types that are eligible for early access.
McWay Falls
McWay Falls is an 80-foot-tall waterfall on the coast of Big Sur in central California that flows year-round from McWay Creek in Julia Pfeiffer Burns State Park, about 37 miles south of Carmel, into the Pacific Ocean. During high tide, it is a tidefall, a waterfall that empties directly into the ocean
McWay Falls
McWay Falls is an 80-foot-tall waterfall on the coast of Big Sur in central California that flows year-round from McWay Creek in Julia Pfeiffer Burns State Park, about 37 miles south of Carmel, into the Pacific Ocean. During high tide, it is a tidefall, a waterfall that empties directly into the ocean
McWay Falls
McWay Falls is an 80-foot-tall waterfall on the coast of Big Sur in central California that flows year-round from McWay Creek in Julia Pfeiffer Burns State Park, about 37 miles south of Carmel, into the Pacific Ocean. During high tide, it is a tidefall, a waterfall that empties directly into the ocean
