I'm 28 and I've had an emergency that requires me to source quite a few thousand pounds pretty quickly. I have paid into pensions since I was 19 through a few different companies and I want to see if I'm able to cash in one or more to help with my issue. I am fully aware there may be significant charges/deductions with this but needs must here.
Posted Aug 2, 2022, 11:58 AM UTC
The answer is almost certainly "no". In the UK, you can't withdraw funds from pensions before you're 55 except in very limited circumcumstances (i.e. extremely poor health or terminal illness), or special occupations (eg professional athlete).
If your emergency is health related, then it might be worth asking your pension provider. But if it's some other kind of emergency, then no.
It might technically be possible to make an "unauthorised withdrawal". But that can potentially end up with charges of 20% or more of your pot, plus a tax bill of 55% to 70%. But that's if you can persuade the pension provider to allow it (which is unlikely).
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