5️⃣5️⃣ Can I withdraw before 55?

The short answer is no. You cannot withdraw your pension before the minimum pension age (currently 55, rising to 57 in April 2028) through Penny unless you meet the strict rules for ill-health retirement.

Why can’t I take my pension early? 🧐

UK pension law is very clear: pensions are designed to be long-term savings for retirement. Withdrawing before 55 is classed as unauthorised access and comes with very heavy penalties.

If you try to transfer to another provider or scheme to do this, HMRC treats it as an "unauthorised payment"

This could leave you with much less than you expected, further compounding any financial issues you may be facing. 😔

Warning: scams 🚨

If someone tells you they can unlock your pension before 55, they are very likely trying to scam you. Common red flags include:

Once your money leaves your pension, it’s very hard—often impossible—to get it back. Please always read the anti-scam literature in the documents section in your app (and at the bottom of this article) before ever moving your pension funds. 📱

Need financial help now? 🙌

If you’re struggling with money, there are safer places to turn:

Important note: Penny will never allow pension withdrawals before 55 unless you qualify under the official ill-health rules. We don’t offer advice, but if you’re unsure, always seek help from MoneyHelper or a regulated financial adviser.