Suggestion from broker about pension bonds that can be claimed at age 50

R

RichInSpirit

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I was talking to a broker earlier about a different matter and the subject of pensions came up. I have 1 or 2 private pensions that I haven't paid into for a while owning to slightly distressed financial circumstances.
He claims that I could convert my pension(s) into pension bonds that could be encashed at age 50 instead of age 60. The idea is slightly appealing as they could potentially be used to clear some debt.
Is the broker talking gobbledegook. ?
Hi there to my broker if you are reading this.

I'd welcome some feedback about pension bonds.
 
What type of pensions do you have?
  • Personal Pensions (a.k.a. RACs)
  • PRSAs
  • Occupational Pension Schemes (a.k.a. Company Scheme, Executive Pension, Directors Pension)
 
Will depend on what type of pension you have as LD has already stated, not possible if they are personal pensions / rac's or prsa as 60 will be the earliest you can access benefits unless you stack up to revenues definition of being unable to work due to ill health
 
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