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First up, you need to know that there are 2 types of pension available:

1.       A SIPP (Self Invested Personal Pension) - this is where you choose your own investments and can check with your provider what options are on the table for withdrawals before the age of 55;

2.       A SIP (Stakeholder) - this is where your funds are split into various investments and you can't access anything before the age of 55.

So, if you have a SIPP still open it's time to speak with your provider about when/how you can start withdrawing cash.

And, if you're thinking of opening a SIPP then remember that you can access your cash penalty-free from the age of 55.

You'll also need to check when the pension was opened as there's a 5 year rule with regards to paying in and getting tax relief on money going into pensions. If they were set up more than 5 years ago, you won't be able to get tax relief on pension contributions.

And please remember the golden rule: the earlier you start saving, the better off you'll be!

No matter your age or how much you earn, it's never too late to start a SIPP and only if you're over 55 can you access your cash penalty-free.

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