Pension options at the age of 55

1 min read

Despite remaining complex, pensions offer you far more flexibility from the age of 55 (rising to 57 from 6 April 2028) than was once possible.

If you are approaching 55, you might be feeling a twinge of trepidation or excitement that you could soon become “a pensioner” as this is the age at which you are allowed to access some pension savings.

For some it may not be a moment too soon. The economic burden of COVID-19 has raised the spectre of redundancy for more people, while inflation is on the rise and interest rates remain low. Fuel shortages and empty shelves add to the general feeling of uncertainty, and some fear a deep recession.

Others might be more relaxed, and might not really be thinking of drawing any pension income for many years, but still interested to know the current state of play.

One thing’s for sure – there have been many rule changes since you began saving into a pension. There’s generally far more flexibility than there once was but, as you would expect with pensions, there’s also the same old complexity.

Here’s what you can and can’t do from the age of 55, along with the pros and cons of drawing money from this age.

Read more on the pension options at the age of 55 here.

You might be interested in...

  1. Government grants to help Cambridgeshire farmers boost drought resilience

    19 Aug 2026

    Government grants to help Cambridgeshire farmers boost drought resilience

    Agriculture and horticulture businesses are under pressure to invest in water efficiency and sustainability. Cambridgeshire growers and food producers can now apply for grants up to £50,000. Here’s what you need to know.

    Learn more

    Government grants to help Cambridgeshire farmers boost drought resilience
  3. Does your UK subsidiary require a statutory audit?

    14 Aug 2026

    Does your UK subsidiary require a statutory audit?

    Does your UK subsidiary need a statutory audit? Learn how group size, audit exemptions and worldwide group rules affect UK audit requirements.

    Learn more

    Does your UK subsidiary require a statutory audit?
  4. Should audit-exempt companies still have an audit?

    13 Aug 2026

    Should audit-exempt companies still have an audit?

    Audit exemption may reduce compliance obligations, but is stopping your audit the right decision? Explore the value independent assurance can bring.

    Learn more

    Should audit-exempt companies still have an audit?