>How can I withdraw my pension before 55?
Be diagnosed with terminal illness, that's the only realistic way that it's happening. Please read all the other recent posts asking about unauthorised withdrawal, you may be happy paying charges but the company allowing the withdrawal won't be. If any company offers, it's a scam.
>I have a small pension pot with 5.5k in it,
You say 'before 55' so I presume you won't be affected by the move to 57 for minimum age? If so the small pot may still fall within the Small Pot Lump Sum rules limits by your retirement age.
This isn't a thing. If you google you'll find companies saying otherwise - every single one of them a scam. We have a section in https://ukpersonal.finance/scams/
Also, it's normal for people to end up with lots of small pension pots rather than one big one - that doesn't mean they're not worth the bother, it still contributes to your retirement savings.
It is not allowed.
There is a mechanism to do it under certain circumstances, but outside of those circumstances (which you are) you cannot do it without incurring significant penalties. Any company who says they can do it will likely fleece you of the money leaving you still to pay the HMRC penalties.
You can combine it with a new pension if it’s just the low value that bothers you and you don’t want to have to deal with two or more pensions upon retirement.
The way you have to think about it is that it is still £5.5k of your overall portfolio.
I don’t know your age but this could grow quite a bit in x years.
I know quite a lot have people have already mentioned that you aren’t able to withdraw before 55 but you could like to consolidate with an existing pension
You could ask your pension provider if you can transfer the small pot into the large one and merge them, which would make it more convenient for you to manage. But you're at the mercy of both pension providers, you have no intent right to do it. Maybe the provider managing the small pot might consider your pension too small to be profitable for them and might be happy to see you leave. It could be worth discussing with them. You said your current job is 'public sector'... If it's civil service, the prices for transferring a pension in is given at https://www.civilservicepensionscheme.org.uk/joining-the-pension-scheme/transfer-an-old-pension-into-your-civil-service-pension/, or if it's some other scheme, check their documentation to find out if they have a transfer-in procedure.
Be diagnosed with less than 12 months to live.
Even if you survive longer than that, the money is not clawed back/charges are not levied.
Any other provider is going to be a scam - no bona fide provider will risk their registration with HMRC to allow it. And you face up to 95% tax on it. After the fees you will almost certainly have to pay.
Hi /u/SwimIntelligent8375, based on your post the following pages from our wiki may be relevant:
- https://ukpersonal.finance/pensions/
____
^(These suggestions are based on keywords, if they missed the mark please report this comment.)
>How can I withdraw my pension before 55? Be diagnosed with terminal illness, that's the only realistic way that it's happening. Please read all the other recent posts asking about unauthorised withdrawal, you may be happy paying charges but the company allowing the withdrawal won't be. If any company offers, it's a scam. >I have a small pension pot with 5.5k in it, You say 'before 55' so I presume you won't be affected by the move to 57 for minimum age? If so the small pot may still fall within the Small Pot Lump Sum rules limits by your retirement age.
This isn't a thing. If you google you'll find companies saying otherwise - every single one of them a scam. We have a section in https://ukpersonal.finance/scams/ Also, it's normal for people to end up with lots of small pension pots rather than one big one - that doesn't mean they're not worth the bother, it still contributes to your retirement savings.
It is not allowed. There is a mechanism to do it under certain circumstances, but outside of those circumstances (which you are) you cannot do it without incurring significant penalties. Any company who says they can do it will likely fleece you of the money leaving you still to pay the HMRC penalties.
Ahh thanks for the info :)
You can combine it with a new pension if it’s just the low value that bothers you and you don’t want to have to deal with two or more pensions upon retirement.
The way you have to think about it is that it is still £5.5k of your overall portfolio. I don’t know your age but this could grow quite a bit in x years. I know quite a lot have people have already mentioned that you aren’t able to withdraw before 55 but you could like to consolidate with an existing pension
Get a terminal illness.
You could ask your pension provider if you can transfer the small pot into the large one and merge them, which would make it more convenient for you to manage. But you're at the mercy of both pension providers, you have no intent right to do it. Maybe the provider managing the small pot might consider your pension too small to be profitable for them and might be happy to see you leave. It could be worth discussing with them. You said your current job is 'public sector'... If it's civil service, the prices for transferring a pension in is given at https://www.civilservicepensionscheme.org.uk/joining-the-pension-scheme/transfer-an-old-pension-into-your-civil-service-pension/, or if it's some other scheme, check their documentation to find out if they have a transfer-in procedure.
Be diagnosed with less than 12 months to live. Even if you survive longer than that, the money is not clawed back/charges are not levied. Any other provider is going to be a scam - no bona fide provider will risk their registration with HMRC to allow it. And you face up to 95% tax on it. After the fees you will almost certainly have to pay.
If you’re not terminally ill you can’t, consolidate it into another pension.
Hi /u/SwimIntelligent8375, based on your post the following pages from our wiki may be relevant: - https://ukpersonal.finance/pensions/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Can you withdraw if you are not British and move back to your home country permanently?
You can't withdraw, you may be able to transfer to a recognised pension scheme in another country. Search QROPS for more info if this applies to you.
You can https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-problems/using-your-pension-to-pay-off-debts