In almost all cases, you cannot access your pension before the minimum pension age (currently 55, rising to 57 from April 2028). Here's what you need to know.
Why pensions are locked
Pensions receive significant tax benefits because they're intended for retirement. In return for those benefits, access is restricted until you reach minimum pension age. This is set by law and applies to all pensions, not just Chest.
The only exception: serious ill health
You may be able to access your pension early if you're in serious ill health:
You have a life expectancy of less than 12 months, or
You're permanently unable to carry out your current occupation due to physical or mental impairment
This requires medical evidence. If you think this applies to you, contact us at hello@joinchest.com to discuss your options.
Warning: Pension scams
If anyone offers to help you access your pension before age 55, it's almost certainly a scam. Common warning signs include:
Cold calls, texts, or emails about your pension
Promises of 'loopholes' or 'legal' ways to access early
Pressure to act quickly
Offers of upfront cash or 'loans' from your pension
The consequences of pension scams
If you access your pension early through an unauthorised arrangement, you could face:
An immediate tax charge of up to 55% of the amount accessed
Additional tax charges and penalties
Loss of your entire pension
No protection from the Financial Services Compensation Scheme
Protect yourself
Never give your pension details to cold callers. If someone contacts you about your pension unexpectedly, hang up and report it to the Financial Conduct Authority.
Still need help?
If you have questions about accessing your pension, or if you're worried you may have been targeted by a scam, contact us at hello@joinchest.com.