Online News - Business News - Date: January 2010
Aged between 50 and 55?
The minimum age at which you can draw your pension benefits increases to 55 with effect from the 6 April 2010.
The legislation was enacted 5 years ago and understandably many will have forgotten or not realise that the change could effect them. The rules introduced at the time also allowed the taking of the tax free cash in isolation without having to take the attaching pension.
Whilst you might not require any additional income perhaps a lump sum would be of use to pay university fees, a deposit for a child’s house or perhaps to put capital in to your business. Most old style pension schemes are not that flexible so you may need advice on transferring to one that is, the clock is ticking do not leave it too late.
For more information or advice please contact Peter Blinkhorn on 0113 204 4214 / 0789 427 9292 or email peter.blinkhorn@kirknewsholme.co.uk.
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