02/10/2009 -
Pension Age Change
The Pension Age Change – ignore it and you could lose out
Currently, it is possible to use your pension to provide a tax-free lump sum and/or an income at any time after you reach the current minimum retirement age of 50. You do not even need to stop working to do this.
However, if you are over 50, or will be by 5 April 2010 – and you do not access your pension benefits by 6 April 2010 – you will not be able to take out any money from your pension fund until you are 55, up to five years away.
This simple fact could have significant consequences for you, in particular if you needed funds for a specific purpose before your 55th birthday; for example, to help a child going off to university, finally taking that dream holiday, or reducing the mortgage.
The good news is that you still have options that let you retain this financial flexibility.
If you are affected by this change, the first thing to do is contact us on 01202 718400 to discuss the options that are available to you.
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