Is it possible to cash in lump sum before retirement ?

andybartliff

I have nearly 27 years on the Teachers' Pension scheme, full-time and without any breaks. My current salary is £39000 pa, but, despite this, I have built up £18000 of debt.
Is it possible to cash in the lump sum aspect of my pension now, several years before even early retirement ?
I have no longer term plans or concerns, and would rather enjoy the next 10 years debt-free than continue struggling through with repayments each month.

Thanks

atush

I have no longer term plans or concerns,

Well i can see one- if you can't live within your means now at that salary, then how will you in retirment (in which you have taken your pension early and there for very much reduced- even half)

The only way to get your pension early will be to get it reduced. Which in your case could possibly be a disaster?

I suggest posing an SOA in the budgeting or debt free boards.

Thrugelmir

There's no possibility of withdrawl early unless it's on health grounds.

le_loup

This is exactly the type of post that makes me very nervous of the changes that will make pension pots available on retirement.
It may be the right move for a few; but for the many?

dunstonh

Thankfully, there will still be protections in place to prevent people making silly mistakes such as what the OP wants to do.