Under current legislation, the earliest age you can draw a private pension is 55, however, this may change to 57 in the future, although there hasn’t been any legislation currently put in place.
When deciding when to start taking your pension it’s important to remember that the earliest possible opportunity is not necessarily the best time for you. We advise all our contractors to discuss their ideal retirement age with us, so we can help them create a plan their retirement and make sure all their goals are met. To help make this as accurate as possible we conduct a shortfall analysis that tells you how much you need to save into your pension to give you a desired retirement income at a specific age.
Brookson Advice:
Pensions are classed as long-term savings. If you want to discuss your retirement goals with one of our specialists, simply get in touch.