Changing retirement ages in existing plans

Chrissy_boy_4

Is it possible to change your retirement date on a stakeholder plan after you have taken it out.

For some reason i put 75 for retirement (think i must have been drunk)

Was wanting to change this to 60 or 65.

Is this easily done or would it be problematic?

I had a form sent to change details before 30 days which i put this in but i haven't heard anything about this.

Cheers for your help in advance.

:beer:

dunstonh

The date of commencement is largely irrelevent. I have started setting up most of my plans to age 75 now automatically rather than 65. The date is just an expression of wish. It doesnt mean it will finish at that age. You can take it earlier or later.

This is the case for virtually all modern plans and most older ones now. The exceptions would be section 32 buy out bonds, plans with guaranteed annuity rates (which may only apply at certain ages) and if you are invested in a with profits fund with MVRs possible.

If you have only just set this up, dont worry.

EdInvestor

For the most flexibility it is better to set up the plan to match the current minimum retirement age (ie 55). Then you can't be hit by a penalty for taking the money early.Stakeholders shouldn't be affected by penalties but other pensions can be, as many know to their cost.

dunstonh

EdInvestor wrote:

For the most flexibility it is better to set up the plan to match the current minimum retirement age (ie 55). Then you can't be hit by a penalty for taking the money early.Stakeholders shouldn't be affected by penalties but other pensions can be, as many know to their cost.

What if there is enhancements on the pension that would be lost by selecting a lower retirement age. There are some pensions (low costs ones too at that) which have enhancements would would be reduced if you selected a 55 age but then later held on to 60. Yet they wouldnt be reduced if you selected a higher date.

This appears to be a plan set up in the last 30 days so penalties shouldnt apply here.