Not quite. You’ll generally need to wait until you’re 55 to access your Compound pension (this will go up to 57 in 2028). There are some exceptions, like if you’re seriously ill or have a terminal condition, in  which case you may be able to withdraw earlier.    

Once you reach 55, you can take out 25% of your pension as a tax-free lump sum. After that, you’ve got a few flexible options:    

Take What You Need, When You Need It: You can dip into your pot as needed,  leaving the rest invested so it has a chance to grow over time.    

Set Up a Steady Income: You can use part of your pension to buy an annuity,  which will pay you a regular income for life, kind of like a salary.    

It’s a big decision, so getting some financial advice can really help you figure out what’s best for you.

Are there any exceptions? If you pass away, your Compound pension doesn’t go to waste. It can be  passed on to someone you’ve chosen, like a spouse or family member, who can  take it as a lump sum, set up a regular income, or use it to buy an annuity.