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When can I take my pension?

The rules changed, and the age is going up. Here is what applies to each kind of pension, and what taking it early actually costs you.

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The short answer

You can usually take a private or workplace defined contribution pension from age 55. That rises to 57 on 6 April 2028. Defined benefit schemes set their own early retirement age and reduce the income if you take it early. The State Pension starts at State Pension age, currently 66 for people born before 6 April 1960 and rising to 67 for those born after 5 March 1961.

55Earliest age for most private pensions
57From 6 April 2028
66State Pension age now, 67 by 2028
£10,000Contribution limit once you draw taxable income
What is on this page
  1. The ages that matter
  2. Taking it early costs more than the reduction
  3. Bridging to the State Pension
  4. Ill health can open the door earlier
  5. Before you take anything

The ages that matter

Pension Earliest you can take it Notes
Workplace or personal defined contribution Age 55, rising to 57 on 6 April 2028 Some older schemes have a protected lower age
Defined benefit or final salary The scheme's own early retirement age Taking it early reduces the income permanently
State Pension State Pension age, currently 66 Rising to 67 between 2026 and 2028

The April 2028 change catches people born in the mid 1970s. If you planned to retire at 55 in 2029, that plan no longer works without a rewrite.

Taking it early costs more than the reduction

Money taken at 55 has to last longer than money taken at 65. Ten extra years of withdrawals from a pot that has ten fewer years to grow is a double hit.

A £250,000 pot drawn from 55 at £12,000 a year has to survive roughly 35 years. The same pot from 65 has to survive 25. The second plan is far more likely to work.

Bridging to the State Pension

A common pattern is to stop work in your early sixties and draw harder from a private pension until the State Pension starts. Then the private withdrawals drop.

That is a sensible shape. It uses the personal allowance in the early years and avoids stacking two incomes together later.

Work out the State Pension figure first using the free forecast, then build the bridge to fit it.

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Ill health can open the door earlier

Most schemes allow earlier access if you are too unwell to work. The terms vary, and some schemes pay an enhanced amount rather than a reduced one.

Serious ill health with a short life expectancy can sometimes allow the whole pot to be paid as a tax-free lump sum. Ask the scheme directly rather than assuming.

Before you take anything

  • Check whether your scheme has a protected pension age
  • Ask what the reduction is for taking a defined benefit pension early
  • Remember taxable withdrawals cut your contribution limit to £10,000
  • Book the free Pension Wise appointment if you are over 50
  • Work out the tax across the whole year, not just the withdrawal

Where you stand

Read this if
  • You are in your fifties and thinking about stopping work
  • You were born in the mid 1970s and planned to retire at 55
  • You are weighing up taking a defined benefit pension early
  • You want to bridge the years before the State Pension starts
You need a specialist if
  • Your scheme claims a protected pension age below 55
  • You are considering transferring out of a final salary scheme
  • You are taking a pension early because of ill health
  • Means-tested benefits are part of your household income

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Questions people actually ask

Can I take my pension at 55?
Usually yes today, but the minimum age rises to 57 on 6 April 2028. If you turn 55 after that date, you will have to wait.
Does the 2028 change affect everyone?
It affects anyone who has not reached 55 before 6 April 2028, unless their scheme carries a protected lower age. Check the scheme rules rather than assuming.
Can I take my pension early if I am ill?
Most schemes allow it if you cannot work because of your health. Some pay more rather than less in those circumstances. Serious ill health can sometimes allow a tax-free lump sum.
Will taking my pension early affect my benefits?
It can. Money taken out of a pension counts as income or capital for means-tested benefits. Money left inside usually does not, before State Pension age.
Do I have to stop working to take my pension?
No. You can take a pension and keep working. Be careful about the tax, because the two incomes stack, and about the lower contribution limit.
How do I check broadband speed at a property?
Use Ofcom's free broadband and mobile checker at checker.ofcom.org.uk. Enter the property's postcode and choose the address to see which broadband speeds and mobile coverage are available before you make an offer.

Where to go next

Pension drawdown explainedHow income comes out of a pot.State Pension explainedThe date the other income starts.How much do you need?Three budgets, priced.Tax-free cash explainedThe 25% and its cap.Worth paying more in?Relief and matching.Combining old pensionsTidy them before you draw.
Where these figures come from

Figures checked on 1 September 2026 and correct for the 2026/27 tax year. Rates change, so check the source before you act on a number.

Written by Ben Tomlin. Pension advice goes to a separately authorised firm we have vetted. The introduction costs you nothing. If you go ahead, we may be paid a fee by that firm.

Last reviewed September 2026.

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