Using pension money early

Robocop16

Hi,

Is there any legit way off getting pension money at the age of 40 to clear debts. I find it amazing people can struggle so much but have a decent sum of money sat in pension funds.

Thanks

Browntoa

No , minimum age of 55

It's a protected sum for a reason , for your old age

WhenIam64

It's a protected sum for a reason , for your old age

55 is not old .... but you are on the money as they say.

sourcrates

Ignore the scheme`s that purport to be able to do this, the internet is awash with such rubbish, they are all scam`s, you MUST be 55 in the UK to withdraw money from your pension, unless there are medical reasons, such as terminal illness, under certain circumstances it may be possible :


https://www.pensionwise.gov.uk/en/your-pension-before-55

iolanthe07

It's a really bad idea to cash in pensions early, imho, unless there are very special circumstances, such as a diagnosis of terminal illness. I am 73 years old and so glad I kept my pensions; you wouldn't want to try and live on what the State provides..

teameffort

55 is when most people can look into take their pension benefits. However in some cases / pension Schemes some people may be able to takes their retirement benefits due to incapacity or take an ill health lump sum (diagnosed with a terminal illness for example).

monetxchange

Don't even consider it, whatever age. I know somebody who 'cashed in' the majority of their pension in their late 50s, a person who had a history of poor money management and debt. Guess what? It all got frittered away and she's in no better position debt-wise. Now she's in her mid 60s, in bad health and has to continue working as she doesn't have a penny to retire any time soon.

It's another form of consolidation, which rarely works at the best of times. What's your debt level at the moment? I'm sure we can advise on here as to another way forward to clear it without risking your future. There's always a way!

Sncjw

If you were able to cash it out what will you use to live on when you get to pension age. The state pension isn’t a lot.