Over and out for the 50 year olds in April 2010?

Pensions are not the most exciting of topics, and the general rules don’t change that much over time. You set a date for when you want to get out of the rat race and build a pot to meet the specifications you have set. For some, the age they set is 60 plus and for others it is early as 50. It is this last group that this blog focuses on.

A pension rule change is due to occur on 06th April next year (2010) where the minimum retirement age is increasing from 50 to 55. For those born around 1959 or before (to around 1956) this could cause a problem if their dream was to go early into retirement.

Many clients and enquirers have contacted us to discuss this issue to see if any changes need to be made at this point. For some, the change is to extend their expectations to 55 and beyond. For others, the changes required may be significant.

This should not be seen as individual advice and you should seek independent financial advice before making any changes to your plans. Churchouse Financial Planning Limited is authorised and regulated by the Financial Services Authority.