Personal and workplace pensions

When you can take money from your pension pot will depend on your pension scheme鈥檚 rules, but it鈥檚 usually after you鈥檙e 55. You may be able to take money out before this age if either: you鈥檙e retiring early because of ill health you had the right under the scheme you joined before 6 April 2006 to take your pension before you鈥檙e 55 鈥� ask your pension provider if you鈥檙e not sure Some companies offer to help you get money out of your pension before you鈥檙e 55. This could be an unauthorised payment . If it鈥檚 unauthorised, you pay up to 55% tax on it. The pension pot that you build up will probably be smaller if you retire early, because it鈥檚 had less time to increase in value. Taking your pension early because of ill health You might be able to get higher payments if you need to take your pension early because of a health condition. Check with your provider. If your life expectancy is less than a year You may be able to take your whole pension pot as a tax-free lump sum if all of the following apply: you鈥檙e expected to live less than a year because of serious illness you鈥檙e under 75 your whole pension pot does not go above your lump sum and death benefit allowance You鈥檒l pay Income Tax on some or all of the lump sum if: you鈥檙e over 75 it goes above your lump sum and death benefit allowance Check with your pension provider. Some pension funds will keep at least 50% of your pension pot for your spouse or civil partner.

The amount of money you get from any income-related benefits could be affected if you take your pension early, such as money you get from: Housing Benefit Income Support income-based Jobseeker鈥檚 Allowance income-related Employment and Support Allowance Pension Credit Universal Credit Benefits if you retire early because of ill health If you retire early because of ill health you may be entitled to other benefits. Use a benefits calculator to check. Get help If you want to know more about how taking early retirement can affect your benefits, you can get help from: Citizens Advice MoneyHelper

Early retirement, your pension and benefits: State Pension

Early retirement, your pension and benefits

State Pension

The earliest you can get your State Pension is when you reach your State Pension age. You鈥檒l have to wait to claim your State Pension if you retire before you reach that age.

The amount you鈥檒l get

The amount you鈥檒l get depends on your National Insurance record and when you reach State Pension age.

You鈥檒l claim basic State Pension and Additional State Pension if you reached State Pension age before 6 April 2016.

You鈥檒l claim the new State Pension if you reach State Pension age on or after 6 April 2016.

View a printable version of the whole guide

Step 1 Check when you can retire
and Check how much pension you could get
1. Find out how much State Pension you could get (your forecast)
You may also be paying into a:
- workplace pension
- personal pension
1. Find out if you鈥檒l pay tax on your pension
2. Find contact details for a lost pension
Step 2 Increase your pension
You might be able to increase the amount you get if you delay your pension.
1. Find out about delaying your pension
You might be able to pay voluntary contributions to fill in gaps in your National Insurance record (such as, from when you were not working or claiming benefits).
1. Check if you can pay voluntary National Insurance contributions
For advice about increasing your workplace or private pension, speak to a financial adviser.
Step 3 Check what other financial support you could get
Check what financial help you could get if you:
You can also get free bus travel if you:
- apply for a bus pass
Step 4 Decide when to retire
1. Get advice on planning your pension and deciding when to retire

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