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Taking your Pension Benefits
State Pension
You can claim the basic State Pension from State Pension age: currently 65 for men and 60 for women born on or before 5 April 1950. The State Pension age for women born on or after 6 April 1950 will increase from 60 to 65 between 2010 and 2020 It will increase for both men and women from age 65 to 68 between 2024 and 2046.
Personal Pension Plans
The minimum age at which pension benefits can be taken is 50, rising to 55 on 6 April 2010.
Ill health exception - a pension may be paid at any age, and, (if life expectancy is declared, by medical experts, to be less than one year) can be provided as a lump sum.
There is no maximum age for pensions to commence, but in practice age 75 should be viewed as a sensible maximum. (If no action is taken before age 75, then scope for flexibility in planning is reduced, plus tax charges may be incurred).
Company Pension Plans
The age at which you can take your company pension will be set out in the scheme rules. Your pension scheme administrator will be able to provide you with this information.
If you wish to discuss the above further or require information on any of our services, then please contact us.
Any reference to legislation and tax is based on FPP’s understanding of UK law and HMRC practice. These may be subject to change in the future. Tax rates and reliefs will also change and their value to you will depend on your individual circumstances. No guarantees are given regarding the effectiveness of any of the above strategies.