What is Selected Retirement Age?

With workplace pension schemes, the normal retirement age is often 60 or 65, but you can usually take money out from your pension from the age of 55 (57 from 2028). Meanwhile, you can start claiming your state pension from the age of 66 for both men and women.

With a private pension, the selected retirement age is the age at which you choose to retire. This is not necessarily the earliest you can access your pension savings. If you are still working or already have sufficient income when you reach this age, you could decide to leave your savings untouched and opt for late retirement. If your circumstances change, you can also always change your selected retirement age with your pension provider.

Related terms
What are Employer Contributions
What is the State Pension?