6 April 2010 – Minimum Pension Age Leaps to age 55
From 6 April 2010 a member of a registered pension scheme won’t be able to take benefits before age 55 unless they are in ill-health.
Anyone born on or after 6 April 1955 and 5 April 1960 (both dates included) who doesn’t want to wait until age 55 before taking benefits will have to make sure that full vesting instructions are with the Scheme Administrator by 5 April 2010 at the very latest. Timing is vital – for someone born on 5 April 1960 there is only one day when the age 50 limit applies.
Anyone born before 6 April 1955 will already have reached age 55 on 6 April 2010, so timing isn’t an issue.
Scheme rules will determine the earliest age at which benefits can be taken. For personal pension schemes this is likely to be 55, but some occupational pension schemes may not, for example, allow benefits to be taken before the Scheme’s normal retirement date.
Whatever the position, if you had plans to access benefits between the age of 50 and 55 then you may have to act now.
Should you wish to discuss the matter further, or want more information, please contact us on 01244 401000 or email.
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