Normally, you can’t access your pension before age 55 (rising to 57 from April 2028). However, if you need to retire early as you are unable to work due to ill health, or the pensions scheme rules allow for this, you could access your pension before.
- Ill-health retirement: If serious illness means you can’t continue working, you may be able to access your pension early without the usual tax penalties. Your pension provider will need medical evidence confirming your condition.
- Protected pension age: Some people, usually professional sports persons or those in public service, may have the right to take benefits before age 55. These rights depend on the scheme rules and when you joined.
In short, early access is possible in certain circumstances – but always check with your provider or adviser before making any decisions.
This article reflects our understanding of current legislation, which may change. While we can provide information, we can’t give you advice and therefore we recommend you seek professional advice before making any financial decisions. Investments can go down as well as up, and you may not get back the amount invested. Tax treatment depends on individual circumstances and available reliefs may vary.
The resources on Your Wealth can help you find a financial adviser in your local area.