Minimum pension age moves up to 55 from 6 April 2010
The normal minimum pension age will increase from 50 to 55 from 6 April 2010. This change is part of a package of measures that were announced back in 2003. The changes apply to both occupational and personal pension schemes. Individuals currently aged between 50 and 55 and already receiving pension payments will not be affected by the change.
HRMC have published an informational leaflet which is intended to provide further information about the changes and specifically answers a number of questions relevant to individuals already aged between 50 and 55.
The guidance includes further information on situations where it is possible to draw a pension before the age of 55, usually due to severe ill health or for pensions with a ‘protected minimum age’. Individuals aged between 50-55 who wish to start drawing a pension must ensure that they do so before 6 April 2010 or else wait until they reach 55.
Interestingly HMRC even answer a question specifically targeted at someone who wishes to start drawing their pension and whose 50th birthday falls within the Easter holiday period from 2 to 5 April 2010. If this applies to you, please refer to the information leaflet for some good news!