Withdrawing early from my pension pot.

[Andyorch]

Early release of private pension pot pre 55 would only be considered on medical grounds as far as I'm aware.

[Andyorch]

At a price......and risky

 

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Can you take money out of your pension before 55 if it’s a private scheme? – Yes, you can. However, you’ll pay a penalty fee.

 

When you cash in pension before 55 (57 from 2028), you will get a 55% income tax bill from HMRC. Because of this, many pension providers will not accept your request. You can talk to a third party to see if they can help, but they could charge you a fee of up to 30%. So you might end up getting as little as 15% of your pension pot.

 

The other thing you have to be wary of when thinking of making a pension withdrawal before 55 is that many of the companies offering this service are not approved by the Financial Conduct Authority. You could be falling for one of the many pension scams.