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Can I withdraw my pension early? - Pensions 101

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hello my name's faith and today we're

talking about early pension release

early pension release means withdrawing

money from your pension before the

minimum age of 55 rising to 57 from

2028.

it's also sometimes called pension

liberation pension unlocking or a

pension loan

unless you have exceptional

circumstances such as ill health you'll

be charged a substantial amount of tax

on any withdrawal and you could risk

losing all your savings to scammers

when you reach retirement age you can

use your pension to take a 25 tax-free

lump sum

you can then use the remainder to buy an

annuity which provides a guaranteed

income for the rest of your life or for

a fixed number of years


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