Minimum Pension Age

From 6th April 2010 it will no longer be possible to receive an income or a tax free lump sum from a private pension before your 55th birthday, except on the grounds of very poor health.

If you are between the ages of 50 - 54 and wish to access your pension benefits in the near future you must do so before 6th April 2010, otherwise you will lose the right to access any benefits until you attain the age of 55.

Many of the pension changes introduced in 2006, where very positive, this was one change that was not.

If you are in the above age bracket and think you may need to access the pension you have before you reach 55, you do not have much time left to take action.

Do give careful consideration to this change in the minimum retirement age and if you want to consider what your options do contact us as soon as possible.