Can I access my pension sooner?
What the rules say, and what early access could mean for your future
You’ve been saving steadily, and you’re starting to think ahead. But what if you want to access your pension before your selected retirement age? Here’s what you need to know.
When can you access your pension?
You can usually start drawing from your pension from age 55 - but that’s changing. From April 2028, the minimum age will rise to 57.
If you’ve set a retirement age that’s under 57 and you won’t reach it before April 2028, it’s a good idea to update it in the Thrive app. This helps ensure your investment strategy stays aligned with when you can actually access your money.
Smart Pension, our pension partner, will handle the system updates ahead of this change, and we’ll keep you informed every step of the way.
What does your selected retirement age really mean?
Your chosen retirement age isn’t a commitment, it’s a guide. It’s there to help shape how your pension is invested. As you get closer to that age, your investments shift gradually from higher-risk to lower-risk. This helps protect your savings as you approach retirement.
So while you can still access your pension earlier (if you meet the legal age), your investment strategy is built around the age you’ve selected.
What happens if you take your pension early?
Accessing your pension before your selected age isn’t always a bad move, but it does come with trade-offs.
- Your savings may need to last longer
- Your regular income from the pot could be lower
- You might miss out on growth opportunities
That’s why it’s worth getting advice before making any changes.
Need help deciding?
Thinking about accessing your pension early? You can book a session with a Thrive financial coach through the app. They’ll walk you through your options and help you decide what’s best based on your goals.
Got questions now? Reach out via the Contact Us page.
Small decisions today can have a big impact tomorrow. We’re here to help you make them with confidence.