Retirement changes to be phased in

Raising the minimum retirement age to 55 will be a boost to the drawdown market, according to the Annuity Bureau. The Government is phasing in the age increases from 50-75 to 55-80 between 2010 and 2020 in two-year increments starting with the minimum age at which a pension can be drawn rising to 51 in 2012, 52 in 2014 and so on. The Government report, Winning the Generation Game, claims that even though many people are living and staying fit for longer, a record number are leaving work early. It also states that one third of those aged between 50 and 65, some 2.8 million, do not work,...