Over 55? You could release up to 25% of your Pension
Do you need to access your pension pot before you retire?
Early pension release is designed to give you access to your pensions pot before you retire. If you have an old UK company or personal pension that you are not receiving, are over 55 and have a pension pot worth more than £15,000 you are eligible to release up to 25% as a tax-free amount.
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As you know we all make contributions into our pension schemes with the outlook this will provide an income during retirement. Taking benefits early will almost certainly reduce your income during retirement and is therefore only suitable for a limited number of people.
Please note: Early pension release does not apply to state pensions.
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