Your pension is a long-term savings plan for retirement. Here's when and how you can access it.
Minimum pension age
Currently, you can access your pension from age 55. This is known as the minimum pension age.
From 6 April 2028, the minimum pension age will increase to 57. If you were born after 5 April 1973, you'll need to wait until you're 57 to access your pension.
Exceptions
In some circumstances, you may be able to access your pension earlier:
Serious ill health: If you have a life expectancy of less than 12 months or are permanently unable to work due to ill health
Protected pension age: If you have a pension with a protected lower retirement age (this won't apply to a new Chest Pension)
What you can do at minimum pension age
Once you reach the minimum pension age, you can:
Take up to 25% of your pension as a tax-free lump sum
Start taking income through flexi-access drawdown
Buy an annuity (guaranteed income for life)
Take ad-hoc lump sums (UFPLS)
Any combination of the above
You don't have to stop working
Reaching minimum pension age doesn't mean you have to retire. You can access your pension while still working if you want to.
You don't have to access it
There's no requirement to access your pension at minimum pension age. You can leave it invested and let it continue to grow. In fact, the longer you leave it, the more time it has to potentially grow.
Still need help?
If you have questions about accessing your pension, contact us at hello@joinchest.com.