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Are you 50 before 6th April 2010?

If you reach 50 years of age before the 6th April 2010 an opportunity will exist for you to receive all, or part, of any pension benefits that have accrued in the majority of pension plans.  This could simply mean taking advantage of the facility to withdraw 25% of the fund as tax free cash leaving the balance invested for future use.  Remember this also applies to funds that have accumulated as a result of you being contracted out of State Second Pension or SERPS, often referred to as protected rights.

The situation however, changes dramatically after the 5th April 2010 as you will then be required to have achieved the age of 55 before any further benefits may be taken.  In a worse case scenario, someone with a date of birth of 6th April 1960 i.e. they are 50 on 6th April 2010 will then have to wait a further 5 years before any benefits may be taken. 

In these difficult financial times, the facility to generate money from a pension fund may be such that it makes a significant difference to your financial circumstances.

Taxation and Financial services advice are complex and ever changing and will depend upon the circumstances of each individual or business. Therefore whilst every effort has been made to ensure the accuracy of the information contained in this briefing, you should not act upon it without seeking professional advice.

Nothing in this briefing constitutes legal or other professional advice. You should not rely on any information contained in this briefing as if it were legal or professional advice.

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