Tradefair & Financials
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i worked for electricity board and for approx 20 years paid into the pension superannuation as it was called, this money was to be paid out at aged 50 at the earliest, i left this work and transferred the policy to standard life with the provisio that i could take it out at 50 if i wanted.im 50 this year and now they tell me that i now have to wait until 55, i could do with this money now, is there anything i can do,
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early pension taking costs you longterm
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Normal Minimum Pension Age Increased to 55 from April
The normal minimum pension age increased from 50 to 55 from 6 April 2010. Since then, people are normally only allowed to start receiving their pension payments from a registered pension scheme when they are aged 55 or older. The exceptions are where they have health problems or they are allowed to start their pensions from a lower protected pension age under the pension tax rules (see glossary for more on this). If you are aged between 50 and 55 and started receiving your pension payments before 6 April 2010, this change to the normal minimum pension age does not affect the tax position of those payments. The Government is bringing in new legislation so that if you subsequently change your pension provider or the type of pension you receive, you can do so without incurring an extra tax charge. This legislation will be backdated to 6 April 2010. Where can I get information and advice? Employers and pension scheme administrators decide how and when to implement this change in a way that best suits the needs of their schemes and members. To help you to understand the change and its effects, we have updated the questions and answers and the glossary of pension terms published in January 2010. While the tax rules set out the tax treatment of any payments from your scheme, HM Revenue and Customs does not have any say in the provision of the pension benefits or timing of payments as these are contractual matters between you, your employer and the scheme administrator. So if you want advice on your own pension arrangements, please discuss this with your employer, pension scheme administrator or financial adviser. However, if you have any questions about the tax rules and you cannot find the advice in the questions and answers, or the relevant tax guidance included in the Registered Pension Schemes Manual, please ring our helpline on 0845 600 2622 between 9am and 5pm from Monday to Friday or write to the Pension Scheme Services, FitzRoy House, Castle Meadow Road, Nottingham, NG2 1BD. |