Early Pension For 63 Year Old

[nactel]

Hi. I am being made redundant in November and will be 63 the following April. Is it possible for me to take early retirement?

[Buenchico]

You can't get your State Pension before you reach the qualifying age:
https://www.gov.uk/early-retirement-pension

You can take money from a private pension scheme from the age of 55:
https://www.pensionsadvisoryservice.org.uk/about-pensions/retirement-choices/when-can-i-take-money-from-my-pension

[nactel]

I thought I might get a percentage of the total pension I'd be due in April 2021.

[fiction-factory]

Yes, normally 55 (sometimes earlier of scheme rules allow it). There may be an actuarial reduction of around 8-10% to reflect that you'd be drawing it for longer.
Ask if you can make a payment of some of any redundancy payment into the pension scheme.
You should be able to take a tax free lump sum of 25% of the value

[Ryzen]

Not a chance..b.t.w......you dont look 63

[ubasses]

Only from a private or Company scheme. If a Company scheme they will have to agree to early retirement.

[nactel]

Ryzen. lol. Thanks for all your answers

[fiction-factory]

If you're not planning on working again tough you could consider signing on to Job Seekers' Allowance (contribution based) for a few months before you start drawing your pension if you can live off JSA + any redundancy pay/savings for a while

[nactel]

Thank you all again .

[fiction-factory]

You should be abale to request a quote from your pension scheme based on a retirement date you specify. They should be able to provide a quote within 12 weeks

[Old_Geezer]

You may retire any time you wish. Whether you'll have income will depend on what private pension you've paid into, and the rules about when you can trigger it. Or what savings you have. I retired early when IMO my employer 'pulled a fast one'. Had to live on savings for just over a year.

[wolf63]

I was pensioned off at the age of forty (2003) on health grounds. I got my lump sum and an enhanced occupational pension from my employer under the final years method.

Have you got any lingering health ?

[Old_Geezer]

Well I do hope he has some !

[fiction-factory]

I think most schemes are very unlikely to consider ill healh retirement unless the health situation is so bad as to make any kind of work untenable- but given nactel's age I think financially there will be little difference between ill health pension and earned pension anyway assuming nactel has been in the scheme for a long time

[THECORBYLOON]

If you claim Contributory JSA [JSA(C)]and you receive an Occupational Pension (Occ Pen) of more than £85 a week 50% of the excess will be deducted from your JSA entitlement.

Any savings you have will not affect entitlement to JSA(C).