Early / Late Retirement and Non-State Pensions

If you are a member of a non-state pension scheme (see Non-State Pensions), you will usually be advised when you are allowed to begin drawing your pension. You can only begin drawing your State Pension (see State Pensions) once you have reached State Pension Age, currently set at age sixty for women and age sixty-five for men, and set to increase and equalise to sixty-eight years of age for both men and women from 2010 onwards. There are fewer limitations on drawing your non-state pension. If you wish, you can being drawing your non-state pension at age fifty, the current minimum age, set to be increased to age fifty-five in 2010. However, you do not have to begin drawing your pension at this age; different pension schemes will have different rules and recommendations for their members.

Even if you choose to defer drawing your non-state pension for as long as possible, you must begin drawing an annual pension by age seventy-five: the current maximum age. If you wish to retire early, perhaps for personal reasons or due to an unexpected illness or disability, you will need to consult your pension scheme administrator about the procedure you are required to follow; for more information see Early Retirement and the Non-State Pension. If you decide that you would rather leave your pension fund intact until you have greater need of it, perhaps because you aim to work past retirement age or have other sources of income, you may wish to consider later retirement; see Late Retirement and the Non-State Pension for more details.