Cash balance.

[roadrunner bill]

Hi, I know the cash balance is linking to 65 retirement, but is it possible to take all the cash balance at 55 ..

Many thanks.

[Wullie10]

You can take all your pension at 55 but it'll be greatly reduced. There is much on the forum arguing the pros and cons. But yes it's possible to take it at 55.

[freespeech]

You can take all your pension at 55 but it'll be greatly reduced. There is much on the forum arguing the pros and cons. But yes it's possible to take it at 55.

....but not in isolation. it needs to be with your pension.

[RobertT]

Hi, I know the cash balance is linking to 65 retirement, but is it possible to take all the cash balance at 55 ..

Many thanks.

The DBCBS is designed to be taken with Age65 benefits and can't be taken on it's own direct from the RMPP.

But there is the option of transferring it separately to a personal pension and accessing from there.
Normal DC pension rules will then apply to it – 25% tax free, the remainder classed as income and taxed accordingly.

If it's worth more than £30k you'll need the approval of an IFA, which is difficult to get and can be very expensive, rendering the process a non starter for many.

But in your post here a few months ago, you say yours is worth £28k, so you might be in luck.

I don't think early payment reductions apply to transfers, although you may have to confirm that with the RMPP.

[roadrunner bill]

Thank you. For replying..