The new minimum retirement age and the impact of the recession has resulted in people accessing pension lump sums early. But is this the best solution for your clients? asks Julie Darlington, director of regulation at 2plan Wealth Management
The 6th April this year heralded the end of an era and the beginning of a new ‘longevity’ regime; one of the most significant changes in pensions legislation for many years. The increase in the minimum retirement age to 55 from 50 has now become reality for the vast majority of individuals. Of course, the change was not a surprise for anyone in the know, since the A-Day change confirming the increase in the minimum normal retirement age (NRA) dates back to 2004. But despite the advance warning, the industry still seems to have been largely ill-prepared for the consequences and in particu...
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