Early withdrawal

dippyllama

Hi, I’ve been paying into a private pension pot with Scottish widows for a few years now and to cut a long story short I want to withdraw it, is this possible without being terminally ill or over a certain age. I’m 28 and there’s 7k in it which would be much more useful to me now than in several decades.

Thank you for your help, 

molerat

No.  Minimum age to access a pension is currently 55.

Marcon

dippyllama said:

Hi, I’ve been paying into a private pension pot with Scottish widows for a few years now and to cut a long story short I want to withdraw it, is this possible without being terminally ill or over a certain age. I’m 28 and there’s 7k in it which would be much more useful to me now than in several decades.

Thank you for your help, 

No. You'll need to be at least 57 (rises from 55 in 2028), and probably older by the time you get to your 50s, to access the funds other than on the grounds of ill health (which need not be terminal, but has to be bad enough to mean you are unlikely to work again).

dippyllama

Thanks gents, appreciate the quick reply. 

dunstonh

 I’m 28 and there’s 7k in it which would be much more useful to me now than in several decades.

That is a little naive, and your older self will look back and be thankful that such an outcome was not possible. Indeed, at age 28, you would hope to have a bit more than that.  

Time flies as you get older.  In no time, you will find yourself in your 40s and 50s, wondering how quick it has been to get there.   At the moment, it seems like it's a long way away, but it isn't.

DE_612183

your £7k will probably be worth about £35-40k when you retire - of course a pint of beer will be £25 so it's all relative!

StevieDavison

No, there is a minimum age limit. You can always enquire and ask for a pension forecast.  However, I would recommend amalgamating all your pensions as you go along. I know at a young age you think you could use the money now but believe me, you will be grateful of not spending it when you are approaching retirement age.