Not many people seem to know, but the government will increase the minimum retirement age from 50 to 55 for certain types of pension scheme including Personal and Stakeholder Pensions with effect from 6th April 2010.

As it stands now, should you have any qualifying pension schemes then you are able to access your tax free lump sum and / or pension income from aged 50, but from the 5th April 2010 you will have to be aged 55.

What impact will this have? Well, for example Mr Smith has just turned 50 and could in theory access his pension, but if he doesn’t do this before 5th April 2010 he will have to wait until he is 55, a potential delay of around 4 years.

Clearly there is a small window between now and the 5th April 2010 for people aged between just under 50 and 55 to take action, so if you would like a review of this or any other matter then please contact us.