News Archive - April 2010
Pension changes
01/04/2010
The minimum age to draw a pension is rising from 50 to 55 with effect from 6 April 2010. With the state retirement age also on its way up from 65 to 68 (this increase will be phased in over several years), it is likely that the minimum age could rise again in the future.
From 6 April 2010, those in personal pensions can retire from 55 (although some early retirement penalties could apply, depending on the terms of your pension policy). If you have a Section 32 policy with Guaranteed Minimum Pension (GMP) you might have to wait until your state age to draw benefits. If you are in an old occupational pension, early retirement is at the discretion of the scheme trustees.
If you want advice on your pensions, give Mulberry a call.
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The information is based on our understanding of current HMRC rules and practices (as at the news article date) which are always subject to change. Taxation and trust advice and Cash ISAs are not regulated by the Financial Conduct Authority. This site is aimed at UK residents only.
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