Under HM Revenue & Customs (HMRC) rules, pension savings cannot normally be taken until the age of 55 (proposed to increase to 57 from 2028).
After 2028 the minimum pension age will continue to always be 10 years below State Pension age (this is due to rise with life expectancy rises).
If you’re under 55, what can you do with your pension pot now?
- Leave your fund invested with us until you reach age 55 (proposed to increase to 57 from 2028). Compare your options at retirement on our website.
- Make your own payments into your pension pot by Direct Debit.
- If you have pension pots with other pension providers, you might also want to consider transferring them into your current pot with The People’s Pension.
- Transfer your pension pot to another pension provider.
Have you had to stop work?
You may be able to access your pension savings earlier than age 55 if you’ve become physically or mentally incapable of continuing your job, and so you’ve stopped working. As well as meeting HMRC’s rules, we’ll need a report confirming that you are medically incapable of continuing your job as result of injury, sickness, disease or disability – so please get in touch with us if you’d like to take your money.
Are you suffering from serious ill health?
If you’re suffering from serious ill health – with a life expectancy of less than 12 months – you may be able to get your whole pension pot, as tax-free cash. Let us know if you’d like to take your money.