Accessing retirement savings when still working

penwise

If you are in a pension scheme set up by your employer into which your employer contributes a certain percentage of your salary can you access this pot when you hit the allowable age eg 55 even if you are still working and they are still contributing.

Thanks

MyOnlyPost

I can't give you a definitive answer, it may be dependant on the type of scheme and your employer.

My mum has an NHS pension and she definitley couldn't work for the NHS whilst receiving her pension

peterg1965

Highly unlikely that you can access an employer pension, either DB or DC, if you are still working for them and contributing to the scheme. There maybe some exceptions to this, but I can't think of any.

Contrary to what MyOnlyPost has said, you can still work for the NHS even if you are in receipt of an NHS pension. There are conditions though, you cannot continue to be a contributing member of the NHSPA and there are restrictions placed on your terms of employment.

MyOnlyPost

In that case my mum was given bum advice by the pensions dept

peterg1965

MyOnlyPost wrote: »

In that case my mum was given bum advice by the pensions dept

Lots of info on the NHS Pensions Website. Your mum may have asked the wrong question.

http://www.nhsbsa.nhs.uk/Pensions/Documents/Pensions/Returning_to_work_after_Retirement_factsheet_V2.0_07.2013.pdf

mgdavid

penwise wrote: »

If you are in a pension scheme set up by your employer into which your employer contributes a certain percentage of your salary can you access this pot when you hit the allowable age eg 55 even if you are still working and they are still contributing.

Thanks

Possibly.
If it's a DC pension and if the employer and fund administrator allow it, you can transfer out 99% of the fund to a SIPP and then drawdown from the SIPP.
There was a thread on here about this scenario within the last few days.