Increase in Minimum Pension Age

25 January 2010

by James Hay

With effect from 6^th April 2010, the HM Revenue and Customs rules governing pension schemes will change. This change increases the normal minimum pension age to 55. Therefore, from 6^th April 2010 your clients will not be able to start taking benefits from their pension scheme until they reach age 55.

For clients who will reach age 50 prior to the 6^th April 2010 and want to take pension benefits, or purchase an annuity, we will require all the necessary documentation by 1^st March 2010 in order to process the payment of benefits prior to 6^th April.

Our factsheets provided below provided more, and further information can also be found at www.hmrc.gov.uk/pensionschemes*

IFA Factsheet

Client Factsheet

Please contact us if you require further information regarding the above.

*Opens in a new window