![]() ![]() ![]() You can access your pension via drawdown from the age of 55. If your pot is valued at £30,000 or more, you’re legally obliged to seek advice if you’re considering a transfer. Rated 4.92 / 5 by 3410 client reviews 4.9 / 5 Tom Conner Director What is Pension Drawdown Pension Drawdown is a way to take your defined contribution pension flexibly at retirement while it remains invested in the markets. You should always consult an advisor before making any decisions. It should be noted that in most cases, savers would be better off sticking with their DB or final salary pension, even despite the cash incentives some employers offer staff or former staff to transfer. However, if you have one of these pensions and want to take a flexible income, you can transfer your funds into a defined contribution scheme. You can’t move money from a defined benefit (DB) or final salary pension scheme into a drawdown account. If you’ve used all your pension money to buy an annuity, you won’t have any funds to transfer into drawdown. After this time, the decision to buy an annuity is typically irreversible. Most annuity providers will give you a 30 day cooling off period in which you can change your mind. The only real exception is if you’re in poor health. You typically can’t start accessing the money in a personal pension until you reach minimum pension age. However, there are a number of factors that could prevent you from moving into drawdown, or at the very least, make it tricky. If you’ve reached the minimum retirement age (currently 55 years old but this is increasing to age 57 in April 2028) with a defined contribution pension, and you want the flexibility of accessing your money as and when you need it, you can transfer your pension to a drawdown account. Can you transfer your pension into a drawdown account? ![]()
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