When to Claim Your Pension

Wondering When You Can Claim Your Pension? Discover the Truth Now

While Claiming Your Pension May Sound Like a Difficult Feat, It Can Be a Breeze With the Right Guidance. Fear Not: We're Here to Be Your Guide.

Claiming Your Pension Is Easy

Claiming Your Pension Is Easy

Claiming your pension might sound like a big job, but it’s straightforward.

Here are a few things you’ll need to know:

Your age determines when you’ll get access to your pension. The type of pension is another determining factor. You can access your workplace pensions1 as well as your pensions when you’re in your mid-late 50s. However, you’ll only gain access to your State Pension when you’re in your mid-late 60s.

State Pension Explained

The State Pension regularly pays out. The money you get comes from the government when you reach the eligible age of 66 and 67 (from the year 2028).

A new State Pension system was set in place on the 6th of April, 2016.

What does this mean for you?

Well, the amount of money you’ll receive depends on your age (whether you’ve reached your State Pension yet or not). Paying National Insurance Contributions will qualify you for the new State Pension if you’ve been doing so for at least 10 years. If you’ve paid National Insurance Contributions for 35 years, you’ll receive £9,110.40 annually.

On gov.uk is a tool that lets you check your State Pension age, as well as your National Insurance Contribution record if you want to make sure you have adequate years to qualify.

Workplace Pension Explained

Workplace Pension Explained

Defined contribution pensions, workplace pensions, and personal pensions all work similarly. These are pensions that have either been personally set up your employer might have set it up for you. They all involve you paying in regular contributions throughout your employment. The pensions’ value is determined by how much you’ve paid into them and how well/poorly your investments have increased or decreased.

Let’s have a close look:

You can withdraw from this pension pot when you’re 55. The age might change to 57 by the year 2028. There are so many pension plans for accessing the funds that are in your workplace pension. You can withdraw funds as a lump sum from your retirement or use that money to invest via drawdown. Purchasing an annuity is also an option you can consider. Some people keep their retirement as is. Few people retire at the young age of 55. Some can live without a stable salary for a few years.

A defined benefit workplace pension plan has different requirements.

You’re probably asking why:

Because your pension’s value is determined by the period you worked for, as well as your salary. At 55 you can withdraw up to 25% of either tax-free. However, some plans require you to be at a specific age to access the rest of your pension. This age should be pre-agreed with your pension provider.

What’s Early Retirement?

You can end your career life at any stage. In the UK, there are no laws to prevent you from doing that. Your retirement date is also your own choice. However, before you retire, you’ll need to make sure that you’ll have sufficient funds to support yourself when you stop working and enter into retirement.

If you plan on withdrawing from your State Pension, check that you paid adequate National Insurance Contributions during your employment years. This way, you’ll get the most out of your retirement income.

Fun fact:

A pension calculator2 is your best friend right now. It’ll make retirement planning simpler. The calculator can tell you when you can afford to retire and if you should work for a few more years to grow your pension pot.

Early Pension Release In Simple Terms

Early Pension Release In Simple Terms

Let me show you how

You can only withdraw money from your pension if you’re 55, ill, or meet specific requirements set out by your provider. Otherwise, you can’t release your pension early. To stop people from withdrawing their retirement early, HMRC asks for a substantial tax fee on every early pension withdrawal to deter people too soon.

You’ll be able to track the performance of your investment online as well. Accessing your funds is also done in a few easy steps. Just have your bank details in order, and you’ll be paid within 7-10 working days. Easy as that!

The Pensions Advisory Service

The Pensions Advisory Service is a free advisory service for people with workplace pensions, occupational pensions, or personal pensions. It can help you make the right decision about when to claim your pension and how much income it will provide in retirement.

A Quick Side Note:

Social Security is a matter that’ll come up when you’re trying to claim your State Pension. What does it entail? You can only claim your State Pension if you have paid NIC or you have been given UK National Insurance contributions (NIC). What are NICs? These contributions are the UK’s social security contributions.

Common Questions

When Can I Claim My State Pension UK?

When Can I Get My Pension Money?

When Can I Claim My State Pension If I Was Born In 1954?

When Can I Claim My Pension Early?


What great news! You can get your pension money from a young age if you need to. The only pension you’ll need to wait for is your State Pension.

You may also like

Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
Taylor Holt - 300x300

Written by
Taylor Holt
Estate Planning Expert

Taylor Is Our Resident Estate Planning Expert. He Knows That Everything Revolving Around Wills or Funeral Planning Can Be a Sensitive Subject That People Don’t Like to Discuss. But He Also Knows How Important It Is to Know All There Is to Know About It. Taylor Makes It His Mission to Spread Awareness About Estate Planning, and We Believe Everyinvestor Is the Best Platform to Do That.

Monique - 300x300

Written by
Monique Pittman
Pensions Expert

Monique Is Our Resident Pensions Expert. Many People Postpone Planning Out Their Pension, Thinking That Is Something They’ll Have to Worry Much Later in Life. Monique Knows How Important It Is to Start Planning Your Pension Early, and She Wants You to Know It Too!

Wondering When Claim Pension

Written by
Lisa Schilling
Insurance Expert

Lisa Is Our Resident Insurance Expert. She Knows How Important It Is to Be Ready for Any Scenario, Especially When a Family Member Is Involved. Nobody Likes Being Found Unprepared in a Tough Situation! Lisa Can Find the Best Insurance to Cover Your Every Need, Present and Future.

Doyle Edwards - 300x300

Written by
Doyle Edwards
Mortgages Expert

Doyle Is Our Resident Mortgages Expert. He Comes From a Long Line of Financial Gurus, and It Truly Shows. Despite His Young Age, There Is No Question He Cannot Answer When It Comes to Mortgages, and His Ability to See Outside of the Box to Find the Best Mortgage Deals Is Truly Impressive.

jason stubbs 300x300 1.jpg

Written by
Jason Stubbs
Equity Release Expert

Jason Stubbs Is a Specialist in the Equity Release Sector. He Enjoys Helping Older People Who Are Struggling Financially Get Out From Under Financial Pressure.

rachel w.jpg

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
Mark Patterson

Written by
Mark Patterson
Mortgage Expert

Mark Patterson is a well-known expert in mortgages. He has been working as an expert for over 15 years, and he specializes in the UK mortgage market.
kath icon.png

Katherine Read
Consumer Affairs Writer

She writes on the topics of equity release, home reversion, and mortgages.

Nicola Date

Nicola Date
Writer & Journalist

Nicola is a financial writer for EveryInvestor and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.