When can I take money from my pension?

If you have a defined contribution pension, you can usually start taking an income or lump sums (or both) from the age of 55.

But be aware that the earlier you start taking money out of your pension, the longer it might need to last. So it’s important to think carefully about how you manage your money – to avoid it running too low as you get older.

Although you can usually access your pension from age 55, this is set to change to 57 on 6 April 2028. This could affect your defined contribution or defined benefit pension.

Anyone born on or after 6 April 1973 may see their minimum pension age move to 57. This means you might not be able to take some or all of your pension benefits until you reach that age, which could be up to two years later than expected.

People born between 6 April 1971 and 5 April 1973 may be caught in a transitional phase, possibly accessing their pensions at 55, then losing access from 6 April 2028 until they reach age 57.

Check with your pension provider if the minimum age for accessing your pension will increase, as some people might qualify for a protected pension age on some or all of their benefits.

If you have a defined benefit pension, you can usually begin taking it from the age of 60 or 65.

You might be able to start receiving income from it at 55. However, the income you get is likely to be reduced as you’re taking it earlier than the scheme's normal pension age.

Equally, if you begin taking money from it later, you could get a higher income. This is because it could potentially be paying out for a shorter time.

You could use money from your pensions to help top up any salary if you’re still working. This means you can work fewer hours or retire early.

The minimum age you can access your pension will change from 55 to 57 from 2028. See above for details.

Do you have a workplace or personal pension? If you do, accessing it will depend on the policy's terms and conditions. It’s important to check with your provider whether there are any penalties for getting your pension early or later than the normal pension age.

Some schemes have features that mean you might lose a ‘with-profits bonus’ or a ‘guaranteed annuity rate’.

If you’re a member of a workplace pension, you might need your employer's or ex-employer's consent to take benefits earlier than the normal pension age. This is more likely if you’re still working for them. In some instances, you might also need the consent of the pension scheme's trustees.

Does your membership include an element relating to contracting out of the State scheme between 6 April 1978 and 5 April 1997? Then there’ll be a certain minimum amount that the scheme must pay. This is known as a Guaranteed Minimum Pension (GMP).

If your pension isn’t going to be at least equal to your expected GMP when you can start drawing it, you might not be able to access it early. You’ll need to ask your scheme's administrator for information about early retirement.

You can’t usually take money from your pension before you’re 55. But there are some rare cases when you can – for example, if you’re in poor health. 

Some professions allow an earlier retirement date – for example, if you’re a professional athlete.

Some pensions (typically those you might have joined before 6 April 2006) have a protected pension age lower than 55. If you think this might apply to you, ask your scheme's administrator as soon as possible, or talk it through with one of our team.

Pension scams are so serious because they can mean you lose all your retirement money, which could severely harm your retirement plans.

You could lose your money and face a tax charge of up to 55% of the amount taken out or transferred, plus further charges from your provider.

It’s not possible to receive your State Pension before your State Pension age, but you might be entitled to some other State benefits.