Hi, I’m Mike Ambery, Retirement Savings Director at Standard Life.
We’re here to tackle a few of the questions that we often get.
The first one is, “Can I take my pension savings before the age of 55?”
Don’t wish to say no, but the answer to that, in most cases, is no.
Currently, the minimum pension age is 55.
That’s going up to 57 from 6 April 2028.
Now, in some circumstances, you can take your pension benefits earlier.
But let’s have a look at those.
If you’re in serious ill health and aren’t able to do your job and you’re unlikely to go back to work, then there’s a possibility you may be able to take your pension benefits earlier than that minimum pension age.
Also, if you’re in a pension scheme which is or has a protected pension age, this may enable you to retire before the age of 55. But if you’re not sure, check with your pension provider, who will be able to help you.
There’s also some particular professions, professional athletes, footballers and deep-sea divers, where you may have an earlier protected pension age.
Just be wary in taking your pension benefits, if somebody offers you to take it earlier than that minimum pension age, it could be a scam. Best way around that? Contact your provider. They’ll be able to help you and guide you.
