I'm 55 Next February. When Can I Ask For A Lump Sum Figure On My Pension

[Alan1]

Im 55 next February. When can or ask for a lump sum figure.

[TonyV]

you'll probably get same answers as when you asked in February. But you need to talk to a financial or pension adviser. Lots of things to take into account.

[Hymie]

If your pension is a money purchase scheme (accruing a pot of money for you), then you could take 25% tax free; you could also take the complete pot of money, but you would pay tax on the remaining 75% (this could result in you being tax at 40%).
But to get that 25% tax free, you need to end paying in to the pension (and make other arrangements for the remaining 75%). If your employer would otherwise continue to contribute to the pension, then it would almost certainly be a bad decision to end the pension (and the free money from your employer).

The same principals apply if the pension is a define benefit scheme, normally the pension provider will allow you to take a lump sum, reducing your pension pay out by 25% as a result.
Bear in mind that the pension provider decides on a notional figure as to how much money they need to have to pay out your pension – and then gives you 25% of that.
But again, you would then need to start drawing the pension at 55 (with the resultant reduction in payment, given that you will be receiving the pension for longer).

As TonyV says, you would be well advised to seek advice from a financial adviser nearer the time.

[EDDIE51]

I was told 60 ! But I am sure it varies according to who is the Pension Provider ! There are some pensions that do not allow lump sums at all!

[fiction-factory]

>When Can I Ask For A Lump Sum Figure On My Pension
You can ask whenever you want- just ask for a quote based on a retirement date of February 2020 afyer your 55th birthday. They may give you a quote now or they may just give an estimate and tell you a quote will be provided nearer the time. If it's a money purchase/ DC based pension where teh value depends on the returns from stock market/investments then they may wait until a few months before retirement date.
So, no harm in asking now.

[fiction-factory]

Of course if it's a DB pension - eg final salary scheme- theu will be abale to give a quote now for Feb 2020 (apart from any AVCs element if you ahce AVCs)

[Peter Pedant]

I think you just ask for a pension forecast when you are 55
from your provider

anyway you can get a pension forecast any time you er ask
I did mine 25 y before and one year before as a checker
( but actually I was so desp I was gonna go whatever)

[Peter Pedant]

Jesus we are all pretty 'up' on pensions !

[ichkeria]

Just go straight to your pension provider for advice and avoid approached by third party companies who only want their commission. There’s nothing these people can do for you that your pension provider can’t