Most people want to know when and how they can take their pension?
Typically, defined benefit schemes have a normal retirement age of 65.
This is usually when your employer stops contributing to your pension and your pension starts to be paid.
When you can access your benefits, depends on your scheme;
- You might be able to take your pension from the age of 55, but this can reduce the amount you get.
- It’s also possible to take your pension without retiring.
- You might also be able to defer taking your pension. This might mean you get a higher income when you do take it. Check your scheme for details.
How you access your pension has become increasingly complicated too.
A pension is a long term investment, the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.