Taking Pension Lump Sum at 55

rosegirl36

Owing to personal circumstances i want to take my pension early and take the 25% tax free lump sum. However the pension provider has sent me a form including the question " when do you wish to retire".Is this the norm because i have no intention of retiring? I just wish to take the lump sum and pension now.

atush

What type of pension? DC/money purchase, or DB/final salary?

What will you do with the 25%? Will you continue to save into a pension (to replace those funds and to grow the pot)? If you took these funds, and spent them, it could mean a delay to your retirement.

The answer would be today ie age 55. They dont need to know at this point if you will continue to work.

mgdavid

Is this an old (deferred) pension, or the one you are currently paying into though your employer?

dunstonh

Terminology that is all. Commencing your retirement options is normally done at retirement by most people. You are doing it earlier that is all.

GibbsRule_No3

Rose girl, I note you one of the choices, so imagine like me it gave other options. I opted for "wanting to take it now but continuing to work" at the same place. It just meant to me that I have opted out of that pension but will opt into their current pension. I am 62 though. It just did not make sense for me to leave it until 66 and SP age £36000 (x6 years)down the drain not to mentions having access to the lump sumand and if I put it back into a pension I will not pay as much tax and now have another lump sum at SP age.