Cannot take pension now till aged 55

robbiemac

:mad:

I have been told that the personal pension i took out in the early 90,s with a promise i could take 25% as a tax free lump sum at age 50 has now been put up to age 55 due to government policy in may last year.

Please can someone tell me if there is a way around this? I have been unemployed for nearly 2 years now and with no savings left was looking forward to treating my family..

Many Thanks
Bob

Linton

'fraid there is no way round it.

ffacoffipawb

robbiemac wrote: »

:mad:

I have been told that the personal pension i took out in the early 90,s with a promise i could take 25% as a tax free lump sum at age 50 has now been put up to age 55 due to government policy in may last year.

Please can someone tell me if there is a way around this? I have been unemployed for nearly 2 years now and with no savings left was looking forward to treating my family..

Many Thanks
Bob

It was a change to the law made by Labour in 2006, with a 5 year warning, so you can't blame the current government for this.

kidmugsy

Think of it as a cheery wee parting gift from that nice Mr Brown.

dunstonh

Whilst it was a bit nanny state, it has prevented a lot of people taking their pensions at 50 and buying naff annuity rates when they didnt even want or need the pension as they originally set the selected age at 50 thinking their £30pm would allow them to retire 15 years earlier than state pension age.

CannySaver_2

Although I sympathise with anyone who has been out of work for such a prolonged period a pension is not there to "treat the family" it is there to provide an income in retirement.

Sorry to sound harsh, just my opinion of course!

The Canny Saver

Duke203

Hey Bob. Look on the bright side, you're going to live 4 years longer than someone your age would in the early 90s

Unfortunately you're going to have to wait till you're 55 as previous posters have pointed out.

atush

CannySaver wrote: »

Although I sympathise with anyone who has been out of work for such a prolonged period a pension is not there to "treat the family" it is there to provide an income in retirement.

Sorry to sound harsh, just my opinion of course!

The Canny Saver

I gotta say, I totally agree with this. Your pension is to keep you in your old age, not to treat your family.

Using a lump sum in this way will make you much poorer, and is kinda irresponsibel if you dont' mind me saying. If you DO mind me saying, I am only thinking of you and your best interests.

bigfreddiel

robbiemac wrote: »

:mad:

I have been told that the personal pension i took out in the early 90,s with a promise i could take 25% as a tax free lump sum at age 50 has now been put up to age 55 due to government policy in may last year.

Please can someone tell me if there is a way around this? I have been unemployed for nearly 2 years now and with no savings left was looking forward to treating my family..

Many Thanks
Bob

unbelievable!

moonrakerz

bigfreddiel wrote: »

unbelievable!

........and a sign of the times I'm afraid !

Loughton_Monkey

So you have a pension, but want to 'blow' it on treating your family while only 50.

Thes forums can be a bit boring at times, and we need a few more laughs. Do you have any other similar wishes to air. Some of us need a chuckle. I'm thinking, perhaps of things like:

• Paying £50K to put your son through Eton, Cambridge, and a PhD at Oxford, and then insist he works in the family welk stall.
• Taking out a new mortgage to buy the £150K house down the road, and using it merely to provide the bricks to build a new wall in your existing house.
• Buying a new Bentley Continental for £135K and taking the V12 engine out to fix in your kitchen to power the food mixer.

An education is there to provide a rewarding career. A house is there to live in or rent out. A car is there to drive.

A pension is there to provide money in retirement.