Changes to the minimum pension age
The normal minimum pension age changed from 50 to 55 with effect from 6 April 2010. This change was part of a package of measures announced back in 2003. The changes apply to both occupational and personal pension schemes.
HMRC are to introduce new regulations which will remove ‘unauthorised payments’ tax charges where an individual aged between 50 and 55 transfers their pension in payment to another pension provider.
It is expected that the regulations will be backdated to cover transfers made on or after 6 April 2010. The regulations will be relevant to an individual who is aged 50 and over, but under 55, and who has already satisfied the normal minimum pension age test of ’50 and over’ prior to 6 April 2010.