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Workplace pension #870308
14th Apr 2014 6:30pm
14th Apr 2014 6:30pm
Joined: Jan 2011
Posts: 180
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kittykat Offline OP
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kittykat  Offline OP
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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


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Re: Workplace pension [Re: kittykat] #870313
14th Apr 2014 7:04pm
14th Apr 2014 7:04pm
Joined: Jul 2010
Posts: 43
Bebington
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Raymondoj Offline
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Bebington
You really need expert advice on this question as there are so many rules about retiring early.

Re: Workplace pension [Re: kittykat] #870328
14th Apr 2014 7:15pm
14th Apr 2014 7:15pm
Joined: Jan 2010
Posts: 1,129
Middle Earth
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ludwigvan Offline
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ludwigvan  Offline
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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.

Re: Workplace pension [Re: ludwigvan] #870339
14th Apr 2014 7:35pm
14th Apr 2014 7:35pm
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kittykat Offline OP
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kittykat  Offline OP
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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......

Re: Workplace pension [Re: kittykat] #870360
14th Apr 2014 8:15pm
14th Apr 2014 8:15pm
Joined: Oct 2011
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Wallasey
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Salmon Offline

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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.

Re: Workplace pension [Re: Salmon] #870370
14th Apr 2014 8:23pm
14th Apr 2014 8:23pm
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kittykat Offline OP
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kittykat  Offline OP
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Thanks Salmon.

Re: Workplace pension [Re: kittykat] #870677
16th Apr 2014 5:54pm
16th Apr 2014 5:54pm
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Bobario Offline
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Bobario  Offline
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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.


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