Taking your pension Most pension schemes set an age when you can take your pension, usually between 60 and 65. In some circumstances you can take your pension early. The earliest is usually 55. Some companies offer to help you get money out of your pension before you’re 55.

When should my pension start?

It’s usually a good idea to start a pension as soon as you can, so that you’ll have as long as possible to save for retirement, and your pension fund will have lots of time to grow.

When did the working pension start?

2012
Does my employer have to offer a workplace pension? All employers have to automatically enrol their eligible workers into a workplace pension. The automatic-enrolment process started in 2012 with the largest companies. However, it was rolled out to all companies in 2018, so all employees are eligible.

Can you work while being retired?

You can get Social Security retirement or survivors benefits and work at the same time. But, if you’re younger than full retirement age, and earn more than certain amounts, your benefits will be reduced. Your benefit will increase at your full retirement age to account for benefits withheld due to earlier earnings.

When do I start to receive my state pension?

Once you reach state pension age, you can begin to receive your state pension even though you carry on working. It will be counted as income and is taxable in the same way as your earnings (and any savings income you receive).

What happens if you work past state pension age?

If you carry on working past state pension age, you may decide to put off claiming state pension until later. To compensate for postponing your pension, you can get a higher amount of state pension when you eventually claim it. Our guide to deferring your state pension explains how.

Can you draw a pension while still working?

Can I draw a pension while I’m still working? State pension. Once you reach state pension age, you can begin to receive your state pension even though you carry on working. It will be counted as income and is taxable in the same way as your earnings (and any savings income you receive).

When does the state pension age go up for women?

Changes under the Pensions Act 2011 Under the Pensions Act 2011, women’s State Pension age will increase more quickly to 65 between April 2016 and November 2018. From December 2018 the State Pension age for both men and women will start to increase to reach 66 by October 2020. Table 2: Women’s State Pension age under the Pensions Act 2011