Remember: Check to make sure you’re eligible to receive the State pension, which depends on your national insurance contributions. You should also check when you can access the state pension, which is currently age 66, but is gradually increasing.
IMPORTANT: The above does not constitute individual financial advice and is for information only.
Accessing pension benefits early is not suitable for everyone and may affect your entitlement to certain means tested benefits. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.
A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). When investing your capital as at risk. A pension is a long term investment. The value of your investments (and any income from them) can down as well as up which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change. You should seek advice to understand your options at retirement.