What’s the earliest age at which I can access my personal pension benefits?

I know with the changes in the budget introducing pension freedom we are now able to access are pension benefits earlier and in a more flexible way. At what age is it now permitted to start drawing from a pension and are there any penalties for taking it early?

Question asked by Joanna Long
Need Pension Advice?
Call us on 02084327333
First Name
Phone
Email

Answered by Neil Adams

The earliest you can access your pension

Currently, the earliest age at which you can normally draw your pension is 55. The government plans to raise this to age 57 from 2028 from whence it will then increase in line with any rise in the State Pension age. (The rise will not affect public sector schemes such as those covering firefighters, the police and the armed forces.)

Exceptions to the rule

In general, most people are now prohibited from accessing their pension benefits until age 55. However, there is a small and shrinking group of people who can access their benefits from an earlier age. This group is divided into two camps. The first are employees whose employment contracts might entitle them to retire earlier. This group enjoys the protection of employment law.

The second group are professional sportsmen or dancers with older style pension contracts. In some instances such professions can access their benefits from their mid-30s or up. However, more recent pension arrangements have moved away from this type of arrangement.

access to pension
 
pension freedom
 
retirement planning
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Start your journey today...
  Find out how a Drewberry financial adviser can help you reach your destination by making the most of your finances.
Call us on 

Frequently Asked Pensions Advice Questions

 
Unfortunately my passing is inevitable and I have quite a big pension fund I’m unlikely to use...
 
I’ve recently found out how much I have in my pension think it might be sufficient but it is very...
 
I’m thinking about getting financial advice regarding my pension but I’m worried about the...
 
I’m self-employed, so I don’t have an employer to arrange my pension for me. Obviously I...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Kevin Paul
05/09/2017

Excellent service renewing our medical insurance, professional advice, good rates found and excellent professional after service, highly recommended.

Max Edgar
09/09/2017

Nadeem was brilliant. He was very patient and worked very well with me to come up with the best solution possible for my budget. Perfect solution. Thank you very much.

Aidan Smyth
11/09/2017

Dealt with me promptly and provided me with the most cost-effective option consistent with my requirements. Very pleased and thank you.

We are rated 4.9/5 based on 1129 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.93 / 5 Average
1,222 Reviews
A
Overall Rating
Really, really helpful! Stopped me from signing up with an unhelpful company, and did basically all of the legwork for me in signing up with the right one. I can't have been the most helpful client as I'm 19 and only just started looking into it last week, but he took all the questions in stride! Put up with me turning to ask my dad questions every 2 minutes as well. I was helped by 2 workers; Sam and Nick. Thank you very much to both!
L Finch
Overall Rating
Good communication and follow ups. Friendly. A thorough research for my insurance needs.
M
Overall Rating

Sam Barr-Worsfold was very helpful and provided excellent customer service. Sam discovered I was paying too much premium for my current cover. Sam recommended and helped moved to a new cover with lower premium that provided the level of cover (terms required stated in the provider's policy) I wanted. I recommend highly recommend Sam and Drewberry Insurance. Thank you Sam.
Anonymous
Overall Rating
Thorough, knowledgeable and great communication
Anonymous
Overall Rating
Went through each policy in detail and made sure I was getting the correct one for me