pension release

wingdinged

hi everyone new to this site looks good. i have recently got in touch with my pension provider after a few years and they have informed me that the rules have changed and i cannot take the monies out of my pension till i am 55, the original date of my retirement was agreed at 50 when i started the contract. i am 50 in sept 2010 any help would be appreciated.

jem16

Nothing you can do. From April 2010 you must be 55 to be able to take your pension.

seven-day-weekend

Yes unfortunately you are outside the time limit for taking it at 50, the rules have recently changed.

EdInvestor

The rules changed in 2006 so there has been quite a lot of warning.

dunstonh

EdInvestor wrote: »

The rules changed in 2006 so there has been quite a lot of warning.

Whilst the rule changes occured in 2006. The changes were announced in proposals going back 3-4 years before that as well. Its amazing how time flies.

croeso

Has anyone tried using the Pension Release scheme, and what are the drawbacks?

Companies only tend to pay for spouses and dependant children, so if you die the pensions people keep all of the money to themselves. If a terminally-ill person were able to receive their Company pension early it might make their lives a bit more comfortable. Any views on this would be appreciated?

dunstonh

Has anyone tried using the Pension Release scheme, and what are the drawbacks?

There isnt a pension release scheme.

Companies only tend to pay for spouses and dependant children, so if you die the pensions people keep all of the money to themselves.

Not on personal pensions or money purchase schemes. The full fund value is paid out.

If a terminally-ill person were able to receive their Company pension early it might make their lives a bit more comfortable.

And the rules allow for a terminally ill person to access their pension early.