From the material, at what age are you able to take a pension?

• A. 55
• B. 60
• C. 65
• D. 70

Answer: (A)

Access to pension savings can begin at a relatively early point in a private pension. Specifically, the earliest you can start taking money from a defined contribution or personal pension is age 55. This comes from the pension freedoms introduced in 2015, which allow you to crystallise your pension and take benefits from that age. At 55 you can typically take up to 25% of the pot tax-free, with the remaining amount taking income through drawdown, annuity, or phased drawdown according to the scheme rules. The other ages listed aren’t the standard earliest access age unless your particular scheme has its own early-retirement terms. This concept is separate from the state pension, which has its own age rules.