25 April 2012
Category: Uncategorized
25 April 2012,

Looking to retire early?


An Independent Financial Adviser will provide you a clear picture of your current financial situation and help you work through the pros and cons of retiring early.

  • If you are ready to retire early getting expert financial advice will help you to understand the options and ensure that you maximise your retirement income.
  • If you are in ill health you may be able to take your pension early, benefit from enhanced annuity rates or take your entire pension as a tax-free lump sum. Talking to a specialist financial adviser will make sure you make the right choices.
  • If you are not currently ready to retire a financial adviser will make sure you are on track to retire when you plan to. This will include making sure that your pension is invested appropriately as you move closer to your retirement date to lock in and preserve any gains you have made over the lifetime of your pension

Contact us today to speak with an expert Independent Financial Adviser to help you plan your early retirement.

What Age Can I Retire?

When can I take my personal pension?

You are able to take your personal pension or stakeholder pension from the age of 55 and you do not have to retire from work to take your pension benefits. There are certain circumstances when you can take you pension before you are 55 a financial adviser will be able to tell you of this is possible. When you retire your pension fund may be used to buy and annuity providing you with an income for life or there may be other options such as Income Drawdown, which may be more appropriate.

When can I take my company pension?

Your company scheme will have rules about when you are able to retire and take your pension income; this may be as early as 50 but usually between ages 60 and 75. You will need to check with your scheme administrator. If you are in a final salary scheme the amount you receive will be based on your salary and the number of years you have been part of the scheme. If your company pension is a money purchase scheme you will have a pension fund that can be used to purchase annuity, the value of the fund will be dependent on the amount you and your employer have paid in and the investment performance.

Can I retire early if I am in poor health?

If you are in poor health you can still only get your State Pension when you reach State Pension age. There may, however, be circumstances when you can receive a company or personal pension before the age of 55, this will be dependent on your pension scheme rules. If you are terminally ill and you life expectancy is less than a year you will be able to retire at any time. If this is the case you can take up to 100% of your pension fund as a tax-free lump sum. You can also choose to retain 50% of the fund in the scheme if you are married or have a civil partner, to form a spouse’s pension.

When can I take my State Pension?

Sex Date of Birth State Pension Age
Man Before the 6 December 1953 65
Women Before 6 April 1950 60
Women On or after 6 April 1950 but before 6 December 1953 Between 60 – 65
Men and Women On or after 6 December 1953 but before 6 October 1954 Between 65 – 66
Men and women On or after 6 October 1954 but before 6 April 1968 66
Men and Women On or after 6 April 1968 Increases from 66 to 67 and then to 68*

*The government is currently reviewing plans to bring forward the increase in retirement age. These changes are due to be finalised buy the end of 2012 or beginning of 2013 and are not reflected in the table above.


Author: Robert Trapnell- Right Retirement

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