- A promise to convert your pension to cash before retirement, and sometimes before the age of 55, can also be called pension liberation.
- This name makes it sound positive, but it's not usually possible to access your pension before the age of 55 unless you are seriously ill.
- If someone offers you a scheme like this, it’s probably a scam and will result in serious tax consequences.
- In fact, taking your pension early could mean you’re charged up to 70% of your pension value. On top of that, the company offering this will probably have transfer fees that could also take a large portion of your pension pot.