The government sets rules around when you can access your pension. Currently, you can usually start taking money from your pension at age 55. This will increase to age 57 in 2028.
There are some circumstances where you may be able to access your pension earlier. For example, if you’re seriously ill or can no longer work because of your health, you may be able to access your pension before the normal minimum pension age.
If you die before you’re able to access your pension, the money in your Penfold pension can be passed on to your beneficiaries. This could include your spouse, civil partner, children or anyone else you’ve nominated.
Depending on the circumstances, they may be able to take the money as income or use it to buy an annuity. (Please note we do not currently offer the possibility to purchase an annuity.)