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  2. Pensions & retirement
  3. Taking your pension
Pensions & retirement Taking your pension

When can I take money from my pension?

The earliest you can take money from your private pension is usually age 55 (57 from April 2028), but it’s normally designed to pay out around age 65 or older. Here’s what you need to know, including when you can claim the State Pension.

What’s in this guide

  • When is my pension designed to pay out?
  • Can I take my private pension before I’m 55?
  • Will I get less if I take my pension early?
  • Can I take some of my pension early and leave the rest for later?
  • Can I delay taking my pension and continue working?
  • When can I claim the State Pension?
  • Get free guidance on your pension options

When is my pension designed to pay out?

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.

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Can I take my private pension before I’m 55?

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.

Scammers might offer to access your pension before age 55

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.

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Will I get less if I take my pension early?

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. 

Find out your pension type using our tool or ask your pension provider

Check how much retirement income you’re likely to need

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.

You might lose valuable benefits by taking your pension early

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.

You might need your employer’s permission to take money early

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.

You might still get your full pension if you’re retiring early due to poor health

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. 

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Can I take some of my pension early and leave the rest for later?

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 might be able to take a tax-free lump sum early and wait to take a regular income later. Your pension provider will be able to explain the options available to you.

You can usually take money from your pension and work at the same time

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.

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Can I delay taking my pension and continue working?

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 Retiring later or delaying taking your pension pot.

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When can I claim the State Pension?

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.

How much State Pension will I get?

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.

Back to top

Get free guidance on your pension options

If you have a defined contribution pension, we offer free Pension Wise appointments to help you understand the options for taking your money.

You can have an appointment if you have a UK-based defined contribution pension and are: 

  • 50 or over  
  • under 50 and: 
    • retiring early due to poor health or 
    • have inherited a pension.

You can have an online appointment at any time or book a date and time with one of our pension specialists.

Have other questions about your pension?

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

You can:

  • use our webchat 
  • call us on 0800 011 3797Opens in a new window
  • use our online form. 

We’re open between 9am and 5pm, Monday to Friday. Closed on bank holidays.

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Taking your pension

When can I retire?

  • When can I take money from my pension?
  • Looking after your partner or dependants in retirement
  • Retirement planning: preparing for retirement checklist
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper.

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Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper.

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When can I retire?

  • When can I take money from my pension?
  • Looking after your partner or dependants in retirement
  • Retirement planning: preparing for retirement checklist
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