Pension Scheme Newsletter
A new pension scheme newsletter has been published by HMRC to explain the long anticipated increase in the normal minimum pension age from 50 to 55 as of 6 April 2010. This was originally annoucned in 2004.
HMRC have received a number of requests to confirm their interpretation of some of the practical aspects of the changes as well as for the rules for payment of pension commencement lump sums and pension benefits around the time the age limits change.
HMRC’s latest guidance is provided under the following headings:
- Pension commencement lump sums
- What is the pension payment date?
- What about those who are 50 on 2 April 2010 to 5 April 2010 inclusive?
The newsletter also includes a number of practical examples for taxpayers aged between 50 and 55 on or around 6 April 2010.