Evening guys and girls, does anyone know if it's possible to take money out of the scheme before age 55?
I've read conflicting articles - some suggesting I might be able to take out my own contributions but not RM.
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RMDCP - Taking money early ?
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robking
- Posts: 236
- Joined: 19 Dec 2020, 12:14
- Gender: Male
Re: RMDCP - Taking money early ?
No, it's not possible before the age of 55 (rising to 57 in 2028)
The only limited exceptions are people in certain professions where they have to retire at a youngish age, sportspeople, dancers, models people like that can have a special pension arrangement which pays out earlier but I should imagine that they have to pay a lot more in.
Maybe what you've read is a about people who have only been in the scheme for a very short time, say less than 3 months, they might be able to cancel their membership and get a refund of their own contributions, which they would have to pay tax on. It would be a crazy thing to do just for a few quid though.
The only limited exceptions are people in certain professions where they have to retire at a youngish age, sportspeople, dancers, models people like that can have a special pension arrangement which pays out earlier but I should imagine that they have to pay a lot more in.
Maybe what you've read is a about people who have only been in the scheme for a very short time, say less than 3 months, they might be able to cancel their membership and get a refund of their own contributions, which they would have to pay tax on. It would be a crazy thing to do just for a few quid though.