At what age will I be able to cash in my private pension?
Im investing in a private pension at the moment, but I wonder if its worth it anymore?
I keep hearing that the UK government is making it so you need to be 70 to claim pension.
Does this only refer to state pension, or are they increasing the actual age of retirement. If I have to wait till 70 to cash in my private pension then there's really no point me continuing to invest.
If Im lucky enough to be alive when im 70, which is unlikely, then I doubt Ill have much use for the money anyway.
It really depends on the type of pension but the general rule is 55. Also, you can't "cash it in". Again, the general rule is that you can take 25% of it out as a tax free lump sum and then have to buy some sort of taxable income with the balance. However, that is a very simplistic answer (the correct answer would run into many thouands of words!) and you should speak to the pension provider in the first instance. You can also contact an independent financial adviser via unbiased.co.uk
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk
Jason Witcombe, Director, Evolve Financial Planning
Jason Witcombe is a director of Evolve Financial Planning, the UK's first Chartered Financial Planning firm. As both a Certified Financial Planner and Chartered Financial Planner, he is one of the UK's best qualified financial planners.
