In a few months, the minimum age for drawing a pension will rise from 50 to 55. This change will come as a shock to some people who were anticipating accessing some or all of their savings before their 55th birthday.
But you can take action to help people make plans in advance of these changes. One interesting option may involve recycling income for the benefit of the client or their relatives. The minimum retirement age increases overnight with effect from 6 April next year. For example, someone born on 7 April 1960 could have started drawing their pension from their 50th birthday on 7 April 2010 before these changes were introduced. Now, they will have to wait until 7 April 2015 - their 55th birthday - before they can touch their pension. Those who will be aged between 50 and 55 next April can c...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
