Adviser  >  News  >  August 2009  >  Important changes to the minimum retirement age

Important changes to the minimum retirement age

Information on how this will affect Scottish Life policyholders.

On 6 April 2010 the minimum age at which pension benefits can be taken increased from the age of 50 to 55.

A letter was sent to our policyholders in late August 2009 telling them about the main facts they need to know – in particular how their policy with Scottish Life could be affected.

We have identified your clients who may be affected by this change and have included a client list with your letter. The client list includes the type of letter they will be receiving depending on their policy type and benefits.

Sample letters

Sample letter types can be found below:

  • Letter 1 – Aged less than 50 on 6 April 2010 - and policy features affected may include one of more of the following: Guaranteed annuity rates, investment strategy, risk benefits, commission, regular premiums.
  • Letter 2 – Aged between 50 and 55 years old on 6 April 2010 - and policy features affected may include one of more of the following: Guaranteed annuity rates, investment strategy, risk benefits, commission, regular premiums.
  • Letter 4 – Aged less than 50 years old on 6 April 2010 - Term Assurance Policy
  • Letter 5 – Aged more than 50 years old on 6 April 2010 Past the original retirement age
  • Letter 6 – Currently aged less than 55 years old - Pension Portfolio with Income Release Policy – could take some/all benefits now if act before 6 April 2010.

You can also view the policy types affected in the following table.

Where Guaranteed annuity rates apply to their policy (letters 1 or 2), we have also included an information leaflet with their letter explaining in detail how this change affects their policy.

Short CodePolicy Type
RS-GPPGroup Personal Pension Plan
RS-PPPersonal Pension Plan
RS-RBSRetirement Benefit Scheme
RS-S32Section 32 Plan
RS-SHRStakeholder Pension Plan
RS-STKStakeholder Pension Policy
RS-IRPension Portfolio with Income Release
TAL-CPSPersonal Pension Policy
TAL-CPS2Personal Pension Policy
TAL-CPS3Personal Pension Policy
TAL-CPS4Personal Pension Policy
TAL-CPS6Personal Pension Policy
TAL-EPPExecutive Personal Pension Policy
TAL-FSAVCFree Standing AVC Policy
TAL-GPP86Personal Pension Policy
TAL-GPSPersonal Pension Policy
TAL-GPS2Personal Pension Policy
TAL-GPS3Personal Pension Policy
TAL-GPS4Personal Pension Policy
TAL-GPS6Personal Pension Policy
TAL-IDIncome Drawdown Plan
TAL-SSA86Personal Pension Plan
TL98-EPPExecutive Personal Pension Policy
TL98-EPP2Executive Personal Pension Policy
TL98-FSAVC2Free Standing AVC Policy
TL98-FSAVCFree Standing AVC Policy
TL98-IDIncome Drawdown Plan
TL98-PPPersonal Pension Policy
TL98-PP2Personal Pension Policy
TL98-S32Section 32 Plan

Help is at hand

We have set up a Customer Helpline on 0845 60 50 050 to provide further information about this change. This will be available from 8am to 6pm, Monday to Friday. We are committed to delivering excellent customer service so we may record and monitor telephone calls for training and quality control purposes.

If you have any queries about the mailing please call us on the helpline number above or call your usual Scottish Life contact.

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