Employer > Trustee Zone > 2010 Age Change
2010 Age Change
The minimum pension age is changing. Find out what this means for your scheme.
On 6 April 2010 the minimum age from which pension benefits can be taken will increase from the age of 50 to 55, with limited exceptions. After 6 April 2010, Her Majesty's Revenue and Customs will generally treat any pension benefits taken before age 55 as unauthorised payments and these will be taxed accordingly.
We recently sent you a letter outlining the main facts of this change:
What does this mean for you and your scheme?
The scheme rules should already reflect the change to the minimum pension age. If they don't then they may need to be changed. Speak to your scheme advisers, including your legal advisers, to find out how this can be done.
What does this mean for scheme members?
Scheme members born between April 1955 and April 1960 may be most affected by these changes as they will no longer have the right to take their benefits earlier than age 55. You may wish to discuss with the employer and your scheme advisers whether to contact these members and tell them about the change.
Where can you find out more?
Please call our Customer Helpline on 0845 60 50 050 for further information about this change. The Helpline is available from 8am to 6pm, Monday to Friday. As we are committed to delivering excellent customer service 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 speak to your usual professional advisers.
