Feb 17 2010

Minimum Drawing Age to Change from 50 to 55

General News

With effect from 6 April 2010, the Government is changing the minimum age at which scheme members may commence drawing benefits from registered pension schemes.  This will rise from age 50 to age 55 – except in cases of serious illness.

If you are under age 55 and have benefits (at least) within the above scheme, which you have not yet drawn (uncrystallised benefits), you should review whether or not you choose to start drawing on these before 6 April 2010.

If you do decide to defer benefits, then these will be inaccessible up until, at the earliest, your 55th birthday.

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