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Accessing private pension early
esj13
Posts: 68 Forumite
Is it possible to withdraw a private pension early?
I currently have a private pension with Aviva that was built up by my previous employer making salary deductions and adding their contributions to it. It’s a relatively small amount circa £10000 at present and I haven’t added anything to it for some years and I now have a LGPS as I moved into a council job.
I currently have a private pension with Aviva that was built up by my previous employer making salary deductions and adding their contributions to it. It’s a relatively small amount circa £10000 at present and I haven’t added anything to it for some years and I now have a LGPS as I moved into a council job.
Recent times have been fairly tough with the pandemic and having access to this money now as it would be of little use to me by retirement age.
I know that some say you can access from age 55, but I could use it or some of it right now to solve a few financial issues even if there is a penalty for withdrawal.
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Comments
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You won’t be able to access a private pension before 55 (current legislation). Is there anyway you can access some savings or assets to help you get through this period?
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No, the only way you can access this pension before (currently) age 55 would be on the grounds of serious ill health.
If you dig deep enough, you may find a 'pension review' firm claiming they can get you early access due to a so-called loophole, but avoid these scammers like the plague.1 -
I know that some say you can access from age 55All should be saying that unless you have a protected scheme age (rare but can exist with certain professions or certain old plans from before 2006 - usually transfer plans). So, the answer is no.Recent times have been fairly tough with the pandemic and having access to this money now as it would be of little use to me by retirement age.If you are a council worker, your finances should not be affected by CV. The public sector has generally got away with little impact on their finances. So, if you are having problems, there may be another cause. The debt free wannabee section on this site has a lot of helpful people who could solve some problems for you if you post a statement of affairs in there.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.3 -
If you see any adverts ( on Facebook etc ) that say you can access pensions before 55, then its a scam.1
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