Act now to make sure you have access to your pensions
Minimum age rises from 50 to 55
Next year the minimum age that you can take benefits from a private or occupational pension is due to increase to age 55 from 6 April 2010.In other words if you’re aged 50 on 5 April 2010, you’ll be able to take your pension benefits, but if you don’t manage to take them by midnight that night you won’t be able to access your pension for up to 5 years. The change won’t just affect youif you want to retire early. It will also affect you if you want to take your 25% tax-free lump sum but leave the rest invested, perhaps while you continue to work.
The good news is that there’s still time to take advantage of some excellent tax-planning opportunities now , before the change occurs. For example, by tapping into your existing pension funds now you may be able to generate an additional tax free lump sum later. Interested? Then please contact Martin to review your personal circumstances.
This article was written by Rock Financial Consultancy
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