Pension Ages - minimum and maximum
The minimum age at which pension benefits can be taken is 50, rising to 55 on 6 April 2010.*
Ill health exception - a pension may be paid at any age, and, (if life expectancy is declared, by medical experts, to be less than one year) can be provided as a lump sum.
There is no maximum age for pensions to commence, but in practice age 75 should be viewed as a sensible maximum. (If no action is taken before age 75, then scope for flexibility in planning is reduced, plus tax charges may be incurred).
Lump sum payments made after age 75 are treated as unauthorised and subject to a tax charge.
* Prior to April 2006 some professions were granted a dispensation to retire early (eg some sportsmen and dancers). This no longer applies. However if you fit into such a category your rights can be protected - see your Financial Adviser.
Last updated on April 11, 2008