Has anyone released their pension benefits from an occupational or personal pension?

Question

How does it work?

Answer 1

You retire, collect the 25% Tax Free lump sum and get paid an Annuity (via the Open Market option, unless it's a final Salary scheme).

Or you could Transfer your fund into a SIPP, Retire, collect the 25% Tax Free Lump Sum and manage your own Investments via an ASP whilst paying yourself approx 5% of the fund as a Pension every year.

NB. As of 'A Day' (5 April 2006) you could retire at 50 (age 55 applies from 2012 as I recall)

Answer 2

55 years of age is the earliest you can release it and then it's best to take only part of it and save the rest for later, the way Bliars running the UK you''ll need every penny in the future.