Is there a pension scheme i can withdraw some of my pot before 55?

fitzykev

Is there any pension schemes where i can withdraw some of my pot before the age of 55?

flaneurs_lobster

Not unless you are seriously ill or dead.

DullGreyGuy

flaneurs_lobster said:

Not unless you are seriously ill or dead.

Technically if you are dead you cannot withdraw it

Marcon

fitzykev said:

Is there any pension schemes where i can withdraw some of my pot before the age of 55?

If your scheme doesn't have a protected pension age lower than 55, then only those operated by scammers. Expect to pay a huge fee, and then get charged tax on this unauthorised payment by HMRC at a rate which will mean you are likely to be left owing money, rather than actually receiving any.

In short, please, please stop looking - you'll get burned.

The only exception is taking your benefits early on grounds of ill health, which normally means you are too ill to work again before the scheme's normal retirement age.

flaneurs_lobster

DullGreyGuy said:

flaneurs_lobster said:

Not unless you are seriously ill or dead.

Technically if you are dead you cannot withdraw it

Yes, but you'll have changed into your Estate which can....

Marcon

flaneurs_lobster said:

DullGreyGuy said:

flaneurs_lobster said:

Not unless you are seriously ill or dead.

Technically if you are dead you cannot withdraw it

Yes, but you'll have changed into your Estate which can....

Unlikely that personal representatives would have the authority to do that. Either it's a DB scheme and the rules still stipulate what happens, or it's a DC arrangement and normally the provider has the discretion...

DullGreyGuy

flaneurs_lobster said:

DullGreyGuy said:

flaneurs_lobster said:

Not unless you are seriously ill or dead.

Technically if you are dead you cannot withdraw it

Yes, but you'll have changed into your Estate which can....

You'll have changed into ash or compost, your estate or a second life beneficiary may be able to claim something depending on if its DC or DB etc but thats not something you are in a position to do post mortem 

flaneurs_lobster

DullGreyGuy said:

flaneurs_lobster said:

DullGreyGuy said:

flaneurs_lobster said:

Not unless you are seriously ill or dead.

Technically if you are dead you cannot withdraw it

Yes, but you'll have changed into your Estate which can....

You'll have changed into ash or compost, your estate or a second life beneficiary may be able to claim something depending on if its DC or DB etc but thats not something you are in a position to do post mortem 

Typical. The Man won't even let you spend your own money even when you're dead.

ali_bear

I can see the Telegraph headline now: Reeves refuses to let the dead access their hard earned pension funds

Dazed_and_C0nfused

ali_bear said:

I can see the Telegraph headline now: Reeves refuses to let the dead access their hard earned pension funds

Followed 6 months later by a U-turn involving HMRC setting up a new system to bring you back from the dead so you can access it.

But only if its value is less than £35,000 😉

Baldytyke88

Can a private pension still be claimed at 55, when will it be 10 years before the state pension?