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Is anyone out there a financial whizz?

I've never paid into a pension for a number of reasons, mainly working fairly low paid jobs and also not entirely trusting the whole annuity thing future worth.

Anyway with this auto opt in coming in and the changes coming in whereby you don't have to purchase an annuity I'm considering it to use as a bit of a savings plan maybe for the exotic holiday I keep telling myself I will be taking!

I just have a question if anyone can assist....(my work are doing a q&a session but to save a three hour round trip I thought I'd ask here.

I'm hoping to take early retirement before I'm 50, will I be able to draw the money out then or would I need to be around state pension age or take medical retirement?

Thanks

You really need expert advice on this question as there are so many rules about retiring early.

Hi Kitty,if you can afford to retire in your 40's having never paid into a pension I don't think you need any financial advice from anyone on here. Good luck.

Thanks guys.

It's still a fingers crossed hope at the moment Ludwigvan. I was just if I can really pay into something for around ten years whilst my employer pays too and then get my hands on the pot at the end of it really.

You know what they say about things that sound too good to be true......

Absolutely no doubt that you need to consult a pensions expert but I am pretty certain that you can't take a private pension till you are 55.

Thanks Salmon.

Plus most pensions will only let you take out a certain percentage of your money in a lump sum. Usually 25% iirc. Earliest you can take it is 55.