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</div> </div> </div> </div> </nav> </div> </header> <div class=""> <div class="gem-c-layout-for-public__blue-bar govuk-width-container"></div> </div> <div id="wrapper" class="direction-ltr govuk-width-container"> <div class="gem-c-contextual-breadcrumbs"> <div class="gem-c-step-nav-header" data-module="ga4-link-tracker"> <strong class="gem-c-step-nav-header__part-of">Part of</strong> <a href="/plan-for-retirement" class="gem-c-step-nav-header__title govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","type":"super breadcrumb","index_link":"1","index_total":"1"}'> Plan your retirement income: step by step </a> </div> </div> <main role="main" id="content" class="guide" lang="en"> <span id="Top"></span> <div class="govuk-grid-row gem-print-columns-none"> <div class="govuk-grid-column-two-thirds"> <div class="gem-c-title govuk-!-margin-top-8 govuk-!-margin-bottom-8"> <h1 class="gem-c-title__text govuk-heading-xl"> Early retirement, your pension and benefits </h1> </div> <a class="gem-c-skip-link govuk-skip-link govuk-!-display-none-print" data-module="govuk-skip-link" href="#guide-contents">Skip contents</a> <aside class="part-navigation-container" role="complementary"> <nav data-module="ga4-link-tracker" aria-label="Pages in this guide" class="gem-c-contents-list govuk-!-margin-bottom-4" role="navigation"> <h2 class="gem-c-contents-list__title"> Contents </h2> <ol class="gem-c-contents-list__list"> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> <a class="gem-c-contents-list__link govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","section":"Contents","type":"contents list","index_total":3,"index_link":1}' href="/early-retirement-pension">State Pension</a> </li> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed gem-c-contents-list__list-item--active" aria-current="true"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> Personal and workplace pensions </li> <li class="gem-c-contents-list__list-item gem-c-contents-list__list-item--dashed"> <span class="gem-c-contents-list__list-item-dash" aria-hidden="true"></span> <a class="gem-c-contents-list__link govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","section":"Contents","type":"contents list","index_total":3,"index_link":3}' href="/early-retirement-pension/benefits">Benefits</a> </li> </ol> </nav> </aside> </div> <div class="govuk-grid-column-two-thirds govuk-!-margin-top-6" id="guide-contents"> <h1 class="gem-c-heading govuk-heading-l govuk-!-margin-bottom-6"> Personal and workplace pensions </h1> <div data-module="govspeak" class="gem-c-govspeak govuk-govspeak gem-c-govspeak--direction-ltr js-disable-youtube govuk-!-margin-bottom-0"> <p>When you can take money from your pension pot will depend on your pension scheme’s rules, but it’s usually after you’re 55.</p> <p>You may be able to take money out before this age if either:</p> <ul> <li>you’re retiring early because of ill health</li> <li>you had the right under the scheme you joined before 6 April 2006 to take your pension before you’re 55 – ask your pension provider if you’re not sure</li> </ul> <div role="note" aria-label="Warning" class="application-notice help-notice"> <p>Some companies offer to help you get money out of your pension before you’re 55. This could be an <a href="/tax-on-pension/higher-tax-on-unauthorised-payments">unauthorised payment</a>. If it’s unauthorised, you pay up to 55% tax on it.</p> </div> <p>The pension pot that you build up will probably be smaller if you retire early, because it’s had less time to increase in value.</p> <h2 id="taking-your-pension-early-because-of-ill-health">Taking your pension early because of ill health</h2> <p>You might be able to get higher payments if you need to take your pension early because of a health condition. Check with your provider.</p> <h2 id="if-your-life-expectancy-is-less-than-a-year">If your life expectancy is less than a year</h2> <p>You may be able to take your whole pension pot as a tax-free lump sum if all of the following apply:</p> <ul> <li>you’re expected to live less than a year because of serious illness</li> <li>you’re under 75</li> <li>your whole pension pot does not go above <a href="/guidance/find-out-the-rules-around-individual-lump-sum-allowances#individual-lump-sum-and-death-benefit-allowance">your lump sum and death benefit allowance</a> </li> </ul> <p>You’ll pay <a href="/income-tax-rates">Income Tax</a> on some or all of the lump sum if:</p> <ul> <li>you’re over 75</li> <li>it goes above <a href="/guidance/find-out-the-rules-around-individual-lump-sum-allowances#individual-lump-sum-and-death-benefit-allowance">your lump sum and death benefit allowance</a> </li> </ul> <p>Check with your pension provider. Some pension funds will keep at least 50% of your pension pot for your spouse or civil partner.</p> </div> <nav class="govuk-pagination govuk-pagination--block" role="navigation" aria-label="Pagination" data-module="ga4-link-tracker"> <div class="govuk-pagination__prev"> <a class="govuk-link govuk-pagination__link" href="/early-retirement-pension" rel="prev" data-ga4-link='{"event_name":"navigation","type":"previous and next","text":"State Pension","section":"Previous"}'> <svg class="govuk-pagination__icon govuk-pagination__icon--prev" xmlns="http://www.w3.org/2000/svg" height="13" width="15" aria-hidden="true" focusable="false" viewbox="0 0 15 13"> <path d="m6.5938-0.0078125-6.7266 6.7266 6.7441 6.4062 1.377-1.449-4.1856-3.9768h12.896v-2h-12.984l4.2931-4.293-1.414-1.414z"></path> </svg> <span class="govuk-pagination__link-title">Previous</span> <span class="govuk-visually-hidden">:</span> <span class="govuk-pagination__link-label">State Pension</span> </a> </div> <div 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page","section":"Footer","text":"View a printable version of the whole guide"}'> View a printable version of the whole guide </a> </div> </div> <div class="govuk-grid-column-one-third"> <div class="gem-c-contextual-sidebar govuk-!-display-none-print"> <div class="gem-c-step-nav-related gem-c-step-nav-related--singular" data-module="ga4-link-tracker"> <h2 class="gem-c-step-nav-related__heading"> <span class="gem-c-step-nav-related__pretitle">Part of</span> <a href="/plan-for-retirement" class="govuk-link gem-c-force-print-link-styles" data-ga4-link='{"event_name":"navigation","type":"part of","index_link":"1","index_total":"1","section":"Part of"}'> Plan your retirement income: step by step </a> </h2> </div> <div data-module="gemstepnav ga4-event-tracker" data-ga4-expandable class="gem-c-step-nav js-hidden govuk-!-display-none-print " data-id="c0ff9296-e91e-40d1-97bd-008026e90426" data-show-text="Show" data-hide-text="Hide" data-show-all-text="Show all steps" data-hide-all-text="Hide all steps"> <ol class="gem-c-step-nav__steps"> <li class="gem-c-step-nav__step js-step gem-c-step-nav__step--active" aria-current="step" data-show id="check-when-you-can-retire" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="1"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 1<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Check when you can retire </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-check-when-you-can-retire-1" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":1,"index_section_count":5,"section":"Check when you can retire"}'> <ol class="gem-c-step-nav__list " data-length="3"> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="1.1" class="gem-c-step-nav__link js-link" href="/state-pension-age?step-by-step-nav=c0ff9296-e91e-40d1-97bd-008026e90426">Check what age you can get your State Pension </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="1.2" class="gem-c-step-nav__link js-link" href="/working-retirement-pension-age?step-by-step-nav=c0ff9296-e91e-40d1-97bd-008026e90426">Find out about working after you reach State Pension age </a></li> <li class="gem-c-step-nav__list-item js-list-item gem-c-step-nav__list-item--active"><a data-position="1.3" class="gem-c-step-nav__link js-link" href="#content"><span class="gem-c-step-nav__link-active-context visuallyhidden">You are currently viewing: </span>Find out if you can retire early with your workplace or personal pension </a></li> </ol> </div> </li> <li class="gem-c-step-nav__step js-step " id="check-how-much-pension-you-could-get" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="2"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--logic"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> and </span> </span> </span> <span class="js-step-title"> Check how much pension you could get </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-check-how-much-pension-you-could-get-2" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":2,"index_section_count":5,"section":"Check how much pension you could get"}'> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.1" class="gem-c-step-nav__link js-link" href="/check-state-pension?step-by-step-nav=c0ff9296-e91e-40d1-97bd-008026e90426">Find out how much State Pension you could get (your forecast) </a></li></ol> <p class="gem-c-step-nav__paragraph">You may also be paying into a:</p> <ul class="gem-c-step-nav__list gem-c-step-nav__list--choice" data-length="2"> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.2" class="gem-c-step-nav__link js-link" href="/workplace-pensions?step-by-step-nav=c0ff9296-e91e-40d1-97bd-008026e90426">workplace pension </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.3" class="gem-c-step-nav__link js-link" href="/pension-types?step-by-step-nav=c0ff9296-e91e-40d1-97bd-008026e90426">personal pension </a></li> </ul> <ol class="gem-c-step-nav__list " data-length="2"> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.4" class="gem-c-step-nav__link js-link" href="/tax-on-pension?step-by-step-nav=c0ff9296-e91e-40d1-97bd-008026e90426">Find out if you’ll pay tax on your pension </a></li> <li class="gem-c-step-nav__list-item js-list-item "><a data-position="2.5" class="gem-c-step-nav__link js-link" href="/find-pension-contact-details?step-by-step-nav=c0ff9296-e91e-40d1-97bd-008026e90426">Find contact details for a lost pension </a></li> </ol> </div> </li> <li class="gem-c-step-nav__step js-step " id="increase-your-pension" data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="3"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 2<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Increase your pension </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-increase-your-pension-3" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":3,"index_section_count":5,"section":"Increase your pension"}'> <p class="gem-c-step-nav__paragraph">You might be able to increase the amount you get if you delay your pension.</p> <ol class="gem-c-step-nav__list " data-length="1"><li class="gem-c-step-nav__list-item js-list-item "><a data-position="3.1" class="gem-c-step-nav__link js-link" href="/deferring-state-pension?step-by-step-nav=c0ff9296-e91e-40d1-97bd-008026e90426">Find out about delaying your pension </a></li></ol> <p class="gem-c-step-nav__paragraph">You might be able to pay voluntary contributions to fill in gaps in your National Insurance 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data-track-count="stepNavSection"> <div class="gem-c-step-nav__header js-toggle-panel" data-position="4"> <h3 class="gem-c-step-nav__title"> <span class="gem-c-step-nav__circle gem-c-step-nav__circle--number"> <span class="gem-c-step-nav__circle-inner"> <span class="gem-c-step-nav__circle-background"> <span class="gem-c-step-nav__circle-step-label govuk-!-display-none-print visuallyhidden">Step</span> 3<span class="gem-c-step-nav__circle-step-colon govuk-!-display-none-print visuallyhidden" aria-hidden="true">:</span> </span> </span> </span> <span class="js-step-title"> Check what other financial support you could get </span> </h3> </div> <div class="gem-c-step-nav__panel js-panel" id="step-panel-check-what-other-financial-support-you-could-get-4" data-module="ga4-link-tracker" data-ga4-track-links-only="" data-ga4-set-indexes="" data-ga4-link='{"event_name":"navigation","type":"step by step","index_section":4,"index_section_count":5,"section":"Check what other financial support you 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src="/assets/static/application-8b506a2d97561cfc27d896eb0ff908d7687d034da7eaee59dd291c6c00bf5595.js" type="module"></script> <script src="/assets/government-frontend/application-01a60bd9634d5b54b3f79c12cb1b2d95f8b00bbd24b9b2cf897066f58f75f432.js" type="module"></script><script type="application/ld+json"> { "@context": "http://schema.org", "@type": "Article", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.gov.uk/early-retirement-pension/personal-and-workplace-pensions" }, "name": "Early retirement, your pension and benefits", "datePublished": "2011-12-08T12:45:05+00:00", "dateModified": "2015-04-06T00:01:09+01:00", "text": "Taking early retirement can affect the pension and benefits you get", "publisher": { "@type": "Organization", "name": "GOV.UK", "url": "https://www.gov.uk", "logo": { "@type": "ImageObject", "url": "https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-logo-b15a4d254746d1642b8187217576d1e8fe50b51352d352fda13eee55d3c1c80a.png" } }, "image": [ "https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-schema-placeholder-1x1-c3d38c0d4fc00005df38a71e1db7097276681d6917bca58f0dc8336a252e1bb3.png", "https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-schema-placeholder-4x3-edc38c137a14ecfc3fc83f404090e20dab806dad345c96a1df6a163ee2d1e3aa.png", "https://www.gov.uk/assets/government-frontend/govuk_publishing_components/govuk-schema-placeholder-16x9-5dc2d0ea1eb72cd94e66db210ef41b22ce364e7ed09d63a3acc28fda09e27864.png" ], "author": { "@type": "Organization", "name": "Government Digital Service", "url": "https://www.gov.uk/government/organisations/government-digital-service" }, "isPartOf": [ { "@context": "http://schema.org", "@type": "CreativeWork", "sameAs": "https://www.gov.uk/government/collections/income-tax-detailed-information" }, { "@context": "http://schema.org", "@type": "CreativeWork", "sameAs": "https://www.gov.uk/government/collections/pension-scheme-administration-detailed-information" } ], "about": [ { "@context": "http://schema.org", "@type": "Thing", "sameAs": "https://www.gov.uk/employment/working-state-pension" }, { "@context": "http://schema.org", "@type": "Thing", "sameAs": "https://www.gov.uk/employment/workplace-personal-pensions" }, { "@context": "http://schema.org", "@type": "Thing", "sameAs": "https://www.gov.uk/money/business-tax-pension-scheme-administration-tax-on-pensions" }, { "@context": "http://schema.org", "@type": "Thing", "sameAs": "https://www.gov.uk/money/personal-tax-income-tax-pensions" }, { "@context": "http://schema.org", "@type": "Thing", "sameAs": "https://www.gov.uk/money/pension-scheme-administration" }, { "@context": "http://schema.org", "@type": "Thing", "sameAs": "https://www.gov.uk/money/income-tax" } ], "headLine": "Early retirement, your pension and benefits", "description": "Taking early retirement can affect the pension and benefits you get", "articleBody": "\u003cp\u003eWhen you can take money from your pension pot will depend on your pension scheme’s rules, but it’s usually after you’re 55.\u003c/p\u003e\n\n\u003cp\u003eYou may be able to take money out before this age if either:\u003c/p\u003e\n\n\u003cul\u003e\n \u003cli\u003eyou’re retiring early because of ill health\u003c/li\u003e\n \u003cli\u003eyou had the right under the scheme you joined before 6 April 2006 to take your pension before you’re 55 – ask your pension provider if you’re not sure\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cdiv role=\"note\" aria-label=\"Warning\" class=\"application-notice help-notice\"\u003e\n\u003cp\u003eSome companies offer to help you get money out of your pension before you’re 55. This could be an \u003ca href=\"/tax-on-pension/higher-tax-on-unauthorised-payments\"\u003eunauthorised payment\u003c/a\u003e. If it’s unauthorised, you pay up to 55% tax on it.\u003c/p\u003e\n\u003c/div\u003e\n\n\u003cp\u003eThe pension pot that you build up will probably be smaller if you retire early, because it’s had less time to increase in value.\u003c/p\u003e\n\n\u003ch2 id=\"taking-your-pension-early-because-of-ill-health\"\u003eTaking your pension early because of ill health\u003c/h2\u003e\n\n\u003cp\u003eYou might be able to get higher payments if you need to take your pension early because of a health condition. Check with your provider.\u003c/p\u003e\n\n\u003ch2 id=\"if-your-life-expectancy-is-less-than-a-year\"\u003eIf your life expectancy is less than a year\u003c/h2\u003e\n\n\u003cp\u003eYou may be able to take your whole pension pot as a tax-free lump sum if all of the following apply:\u003c/p\u003e\n\n\u003cul\u003e\n \u003cli\u003eyou’re expected to live less than a year because of serious illness\u003c/li\u003e\n \u003cli\u003eyou’re under 75\u003c/li\u003e\n \u003cli\u003eyour whole pension pot does not go above \u003ca href=\"/guidance/find-out-the-rules-around-individual-lump-sum-allowances#individual-lump-sum-and-death-benefit-allowance\"\u003eyour lump sum and death benefit allowance\u003c/a\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eYou’ll pay \u003ca href=\"/income-tax-rates\"\u003eIncome Tax\u003c/a\u003e on some or all of the lump sum if:\u003c/p\u003e\n\n\u003cul\u003e\n \u003cli\u003eyou’re over 75\u003c/li\u003e\n \u003cli\u003eit goes above \u003ca href=\"/guidance/find-out-the-rules-around-individual-lump-sum-allowances#individual-lump-sum-and-death-benefit-allowance\"\u003eyour lump sum and death benefit allowance\u003c/a\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\n\u003cp\u003eCheck with your pension provider. Some pension funds will keep at least 50% of your pension pot for your spouse or civil partner.\u003c/p\u003e\n" } </script><script type="application/ld+json"> { "@context": "http://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "name": "Home", "@id": "https://www.gov.uk/" } }, { "@type": "ListItem", "position": 2, "item": { "name": "Plan your retirement income: step by step", "@id": "https://www.gov.uk/plan-for-retirement" } } ] } </script> </body> </html>

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