Withdrawing cash from works pension.

Muz3TA

Hello.

I am due to retire in October 2028.

Can I withdraw money from my works pension before I retire ?

My pension provider says I can't, the Gov.uk pensions site says I can withdraw up to 25% tax free, which is correct please ?

TIA,

Andy. 

Ayr_Rage

There is no definitive answer.

It depends on the type of pension, the scheme rules and your age.

xylophone

https://forums.moneysavingexpert.com/discussion/6311831/over-60

In 2021 you said

I turned 60 in October, live in England, in F/T employment. 

https://forums.moneysavingexpert.com/discussion/comment/78012250#Comment_78012250

I work in the civil service, My main pension is with the Great Manchester Pension Fund, the Prudential is the AVC,

Is this the pension to which you refer?

SPA is on the horizon - have you checked your forecast?

https://www.gov.uk/check-state-pension

Keep_pedalling

Based on a previous thread the OP is in the civil service so they can’t touch their CS pension.

https://forums.moneysavingexpert.com/discussion/6235129/added-voluntary-contributions-avc#latest

xylophone

OP is in the civil service

Or might be LGPS as another poster suggested later in the thread. Or  perhaps he has a  deferred pension in one and a current pension with the other and a personal pension as well (or some other permutation).

OP, please clarify.

Marcon

Muz3TA said:

Hello.

I am due to retire in October 2028.

Can I withdraw money from my works pension before I retire ?

My pension provider says I can't, the Gov.uk pensions site says I can withdraw up to 25% tax free, which is correct please ?

TIA,

Andy. 

Your pension provider. They will know the rules of the scheme they administer.

dunstonh

Can I withdraw money from my works pension before I retire ?

Generally, pensions can be taken from age 55 onwards.
However, scheme rules, in particular with defined benefit pensions or section 32 buy out bonds, may have a minimum age tha is higher.

My pension provider says I can't, the Gov.uk pensions site says I can withdraw up to 25% tax free, which is correct please ?

Both could be right when taken in the correct context.

With the context of what your older thread had, you don't get 25% tax free cash with the pension type you have.  You also also subject to scheme rules and not personal pension pension rules (you dont have a personal pension).