In a move which could affect up to 4 million people across the UK the government is increasing the minimum age at which pension benefits can be drawn down from 50 to 55 years old from April 6th 2010. This impacts any of you who were born between April 6th, 1955, and April 6th 1960.
Dealing with this change depends on whether you are considering full retirement or simply drawing down some of your accrued benefits whilst still working, and potentially continuing to make pension contributions. The type of pension you have should also influence your decision: personal or stakeholder pensions should have the greatest flexibility.
Our advice is to discuss how this change affects you with your financial adviser. We are also here to provide specific advice if your pension arrangements are tied into your company ownership or directorship.
Feel free to call Lewis Smith & Co. on 01384 235549 to discuss the implications of this change on you and your business.