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during your working life you may have contributed to a workplace Pension Plan offered by your employer or made contribution to your own personal pension plan these are known as defined contribution pensions these are not to be confused with State pensions which require separate contributions from your earnings that is from your National Insurance contributions in this video weamp;#39;re talking about the former private pensions and how withdrawal strategies affect them Iamp;#39;ve made a couple of videos on state pensions already if youamp;#39;d like to check them out now the earliest you can access your defined contribution pensions is from the age of 55 rising to 57 in 2028 then youamp;#39;d be faced with the question of how to withdraw cash from your pension pot you could take all the retirement pot in one go which isnamp;#39;t a good idea usually this is because 25% of your pot is tax-free cash but the rest will be taxed as income therefore withdrawing all the money in one go
