Can I draw my deferred pension early?

You can take your benefits any time from age 55 if you wish.

Your deferred pension will be reduced if the pension will be paid earlier than your Normal Retirement Age.

You can exchange part of your pension for a tax-free lump sum when you take your benefits.

This is currently paid tax-free. HM Revenue and Customs sets a limit for the amount you can take. If you choose this option, there will be less money for your monthly pension.

You also give up the future annual increases on any pension you give up for cash and the pension is given up for life.

Please contact us at least three months before your planned retirement date to ask for a retirement quotation.