Taking A Pension Lump Sum At 55

Taking a pension lump sum can appear attractive but there are several key issues to consider. At The Pension Review Service, we will talk you through the pension lump sum rules, tricks and traps to ensure you make the appropriate decisions given your unique circumstances. Call us to discuss your options or complete the contact box to request one of our free (no obligation) pension reviews.

It is important to note it is not possible to take a pension lump sum before age 55 unless there are special circumstances such as life-limiting illness. Unfortunately, pension scams are on the increase and there are those who can be persuasive in their arguments so it is important to be on your guard.

Fees may be applied when you attempt to access your pension and there is evidence some pension providers may take an excessive amount of time to act upon requests. A key issue to consider before attempting to access an existing pension is if it offers any valuable guarantees that would be lost if a lump sum was accessed. The wrong decision can have severe long-term financial implications. Contact us today on 0800 043 8341 to discuss if taking a lump sum is the right move for you.

Remember, taking a pension lump sum will leave less in your pension fund for when you do reach retirement. You need to be sure that what remains will fund the lifestyle you aspire to in retirement. Use our free pension calculator App to evaluate how much you can expect in retirement.