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DC schemes sometimes mention a retirement age, often 65. However this is just an arbitrary figure and as already said you can take it any time after 55. You may still pay income tax on it but there would be no penalty tax charges.Mocon22 said:
Hi it will be a DC scheme but I may be missing something , how do I get from 62 to 65 without an income as I assumed I wouldn't be able to access any pot I have without it being heavily taxed if I took it early?Gary1984 said:Find out if you can salary sacrifice into your new pension (assuming it's DC). Putting as much into the pension as possible will be most tax efficient. Don't overpay mortgage, put this extra into the pension as well then use the tax free lump sum to pay off the mortgage when you come to retire.
This give website can be useful, as can a free telephone discussion with PensionWise.
Pensions and retirement | Help with pensions and retirement | MoneyHelper
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