One of the advantages of a workplace or private pension initiative is that employees can normally start claiming the money when they turn 55 — more than 10 years under the State Pension age.
Those who are a member of a workplace pension scheme usually need the consent of their employer or ex-employer to claim their pension early, and may also require the permission of the pension scheme trustees.
Meanwhile, people who have a private pension do not require the permission of their employer or provider to get their money early so long as their terms and conditions allow this.
