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NHS pension lump sum

(5 Posts)
PleaseNoMoreMinecraft Sat 24-Sep-16 09:40:13

I don't know if there are any NHS pension specialists about? I'm on the 2008 pension I think and since we're trying to get together a deposit for a house, I'd like to know if it's possible to take out money from my pension early as a lump sum?

I've looked at the website but can't find out anything about taking a lump sum out early at all, only stuff about lump sums on retirement.

frikadela01 Sat 24-Sep-16 09:49:21

From what I can remember if you're on the 2008 pension then there is no option to take anything until you reach State retirement age.

JacquettaWoodville Sat 24-Sep-16 09:54:26

No, you can't withdraw money from pensions as a lump sum until you retire. Private pensions sometimes have a younger draw down age but that's still late 50s.

ChessieFL Sat 24-Sep-16 13:30:20

The very earliest you can access your pension benefits (except in ill health cases) would be 55.

The exception would be if you've only recently joined the scheme - most schemes have a period where you can opt out and have a refund of your contributions. That period could be 2 years or could be less, not sure for NHS. However from what you've said it doesn't sound like this applies to you.

PleaseNoMoreMinecraft Sat 24-Sep-16 22:36:57

Ok, it doesn't sound like it's an option for me. Thanks everyone, it's very useful to know, at least we can cross that one off the list! flowers

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