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Minimum pension age due to change on 6 April 2010

The minimum pension age is due to change on 6 April 2010. The change means the earliest you’ll be able to take your pension benefits will increase from age 50 to age 55. If you’re 50 on 5 April 2010, you’ll be able to take these benefits, but if you don’t manage to take them by midnight, you won’t be able to access your pension for up to five years.

This change won’t just affect you if you want to retire early, it will affect you if you want to take your 25% tax-free lump sum early and keep the rest invested. If you're thinking of early retirement its perhaps time to get your house in order.

 

 

Date: 2nd October, 2009
Author: Anne McClean

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