When can I take money from my pension?

Most pensions are designed to pay out at either:

• your normal pension age (NPA) – when your provider expects you to retire
• a selected retirement date (SRD) – if you’ve told your pension provider a different date.

The NPA varies between providers but is often age 60, 65 or your State Pension ageOpens in a new window You can find your NPA in your scheme documents or by asking your pension provider.

The earliest you can take money from your pension is usually age 55 (57 from April 2028). This is called the normal minimum pension age (NMPA).

But you might be able to take your pension before age 55 if:

• you need to retire early due to poor health, or
• your pension provider lists an earlier protected NMPA.

From 6 April 2028, the NMPA rises to age 57. If you’re 55 or 56 when this happens, you might lose access to your pension until you turn 57 – even if you’ve already taken money. Your pension provider will be able to explain the rules that apply to you.

If you receive a cold call, text, email or visit telling you that you can access your pension earlier than age 55, it’s likely a scam.

Do not give them any information or try and take money from your pension. You could lose your money and face a large tax bill. See How to spot a pension scam for more help.

Your pension provider’s estimate of your retirement income is usually based on you taking your pension at the normal pension age for your scheme.

This is because your pension provider typically assumes:

• you’ll continue working and paying into your pension until you retire
• your employer will continue paying in, if you’re employed
• you won’t take any income from your pension before you retire
• your pension has longer to benefit from investment growth (if you have a defined contribution pension).

This means you’ll usually get less than the estimate if you start taking your pension early or stop paying in.

If you have a defined benefit pension, you’ll get guaranteed income based on your salary and how long you worked for your employer. If you take it early, this income is usually reduced as it might need to pay out for longer than planned. 

Our Pension calculator shows you how much retirement income you might need and how much you’re likely to get, based on the value of your pensions and how much you’re paying in.

The Retirement Living StandardsOpens in a new window also lists how much income you might need each year for a comfortable retirement.

Some pension schemes have benefits that only pay out when you reach a certain age. This means you might lose out if you take money before this happens.

Ask your pension provider if your scheme has any special features and when you will qualify for them. For example, your scheme might:

• pay an extra payment after a certain date, often called a with-profits bonus
• let you convert your pension into a higher guaranteed income than you can get elsewhere, called guaranteed annuity rates.

If your employer set up your pension for you (known as a workplace pension), you might need permission to take money earlier than your scheme’s normal pension age – usually from your employer or the scheme’s trustees.

For example, if you contracted out of the State PensionOpens in a new window between April 1978 and April 1997, you might have a Guaranteed Minimum Pension (GMP). This is an amount your scheme must pay you when you take it, so you may not be able to take a reduced amount earlier.

If you have a defined benefit pension and need to retire early due to poor health, you’ll often get the full amount it promised to pay if you were able to continue working until your normal pension age.

But this can vary between schemes, so ask your pension provider which rules apply to you.

For more information, see our guide Ill-health retirement: how to take your pension early. 

If you have a defined contribution pension, you can usually decide when and how you take your money.

For example, you could take some as tax-free cash (up to 25%) from age 55 and: 

• leave the rest invested until you need it
• convert the rest into guaranteed income
• set up a flexible income that you can stop or change at any time
• take the rest as one or more lump sums.

For more information, see our guide What can I do with my pension pot? 

We also offer free Pension Wise appointments to explain all your options.

If you have a defined benefit pension, you normally have to take any tax-free lump sum and your regular income at the same time. Your pension provider will be able to explain the options available to you.

You can often choose to start taking your pension before you've fully retired. For example, you could use your pension to top up your salary or allow you to reduce your hours.

Just be aware your pension income is added to your other earnings when calculating how much Income Tax you need to pay.

For more information, see our guide How tax works on pension income.

You do not have to start taking your pension when you reach your provider’s normal pension age – you might even get a higher income if you take it later.

This is because:

• defined contribution pensions have longer to grow, including investment growth and if any more money is paid in
• defined benefit pensions are likely to pay out for a shorter time.

If you have a defined contribution pension, be aware pension providers often move your money to lower risk investments the closer you get to your normal pension age. If you do not want to use your money then, it’s a good idea to review your investment options as you might miss out on extra growth.

For more information, see our guide Take your pension later than planned: late retirement explained.

You can quickly check your State Pension ageOpens in a new window on GOV.UK. This is the earliest you can claim the State Pension, even if you need to retire early due to poor health.

You can also use our Benefits calculator to see if you qualify for any other payments or grants, including Universal Credit.

You can check your State Pension forecastOpens in a new window on GOV.UK to see how much you’re on track to get, as it’s calculated based on your National Insurance record.

As long as you won’t reach your State Pension ageOpens in a new window within 30 days, you can also get a copy of your forecast by:

• calling the Future Pension Centre helplineOpens in a new window
• applying by postOpens in a new window

If your forecast shows you might not qualify for the full amount, there are ways to increase your State Pension.

If you have any questions about your pension, our pension specialists can help – it doesn’t matter how old you are.