If you want to access pension before 55 then you need to make sure that you understand the consequences of taking out your money at this stage. It is more than possible for you to access pension before 55 but you do need to keep in mind the fact that when you do, you will most likely face a hefty tax bill and this is something you will want to avoid at all costs.
If you do want to access pension before 55 then you can
do so if you have some very specific circumstances that
allow you to qualify for this. For example, if you are in
a job where you retire early or if you have a terminal
illness that gives you less than a year to live. If you do want
to access pension before 55 then you will want to take a look
at how the rules changed in 2015.
In 2015, those who chose to save their pension were given a much greater
choice when it comes to their own money. You can take out 25% free from tax and you can even use the rest of your money to build an annuity if you wanted to as well.
If you want to access pension before 55 then you can still take out your finances but as stated, you will pay for it. If you take it out after you reach the age of 55 then you can do so, but 75% of it will be charged at the highest rate of income tax. This could be anywhere from 0% to 45% so it is worth looking into. Your income tax is determined when you add the amount you are taking from your pension to the amount you get as general income so if you want to get as much money as possible, your best bet is to take it out over the space of a couple of years. That way you can still stay under the income tax bracket.
If you do want to access pension before 55 then you should talk with your pension advisor to see if this is possible. The main reason for this is because if you do want to access pension before 55 you need to make sure that your pension plan allows this. Some pension plans don’t give you the option for this at all and this can cause serious problems for you. It is possible for you to change pension plan but you could end up losing some of the benefits you’d get normally so this is something you will want to avoid if possible. Contact your local pension advisor today if you want to find out more about accessing your pension early and if it is possible for you to do this at all under your current plan. It has never been easier for you to get started and it is the best way for you to put an end to your financial worries. ‘Can I access my pension before 55’ is a question you should think long and hard about before making that decision.
Usually, if you are under the age of 55, you won’t be able to access your pension. If you are wondering can I access my pension before 55 then you’ll find that usually you can’t but in some rare cases you might be able to. For example, if you have what is called a selected retirement age then you may be able to access your pension, so if you want to know can I access my pension before 55 then you can in this instance. Of course, if you do want to fully know can I access my pension before 55 then you will need to talk with your pension provider to see how they can help you.
Of course, you may have the right to access your pension if you had an agreement before 2006 and this will give you the chance to take it out earlier. This is called a pension protected age and it will affect when you can actually go ahead with taking out your pension so this is something that you need to think about. If you ask someone can I access my pension before 55 and they tell you that you can then there is a high chance that there is something wrong. The main reason for this is because when you do access your pension, you could face charges from HMRC and these charges could be up to 55%. If you are ill all of a sudden and you can’t see yourself getting any better then you may be able to access your pension in this instance as well. Of course, it is important to understand that you will also need to make a pension agreement with your provider before this is done so get in touch with them and ask them…
Of course, if you are thinking can I access my pension before 55 then you might want to talk with your pension advisor to see how they can help you first. The main reason for this is because you don’t want to get hit with a huge tax bill if you do take it out early and even if you do have a valid excuse, if you haven’t followed the right protocol then there is a chance that you will get charged anyway.
Ask your local provider can I access my pension before 55 today to see if they can help you. There has never been a better time for you to get started and you would be surprised at how much they can help you by showing you the protocol you need to follow and what you need to do in order to meet the right criteria. If you aren’t ill then there are things you can do to try and meet other requirements, such as the one before 2006 but your pension advisor will be able to help you with all of this and more instantly.
Contact us today and we can help and walk you through the process if you want to access pension before 55.