Is there a DOB restriction on taking DC pension at 55?

AllyMac

Almost everything I have read - including Pemsions Advisory Service website says from DC private pension can be accessed aged 55.

But I've seem ONE article by Daily Telegraph that says it is linked to SRA, less 10 years.

Does anyone know which it is, please?

AllyMac

http://www.telegraph.co.uk/finance/personalfinance/special-reports/11537512/Cash-in-your-pension-at-55-You-may-have-to-wait-till-70.html

I should have linked the article!

molerat

From the article

The Treasury, just a few months ago, opted for a more electorally palatable five years, starting in 2028. From then, the private pension age will rise to 57.

but everything is still at the consultation stage, nothing is concrete.

greenglide

At the moment it is 55. It is expected to be increased in line with SPa (10 years below) but there is currently no legislation for this.

It will happen some time but not before the male and female pension ages are equalised in December 2018.

AllyMac

Thank you! I thought the Telegraph article read as if it was confirmed and legislated for.

I want the tax relief of course, but don't want to tie up what is my "early retirement hope" in a pot where access could just be changed.

Feels more like gambling than planning ��

Just got to keep the eggs in multiple baskets...

xylophone

The article is about what may happen in the future.
At the moment a DC pension can be accessed at 55.

dunstonh

There were proposals a number of years ago to put it to 10 years less than state pension age. However, it never ended up in the act. Whether it ends up in a future act is unknown.

Thank you! I thought the Telegraph article read as if it was confirmed and legislated for.

Papers are never a reliable place to get information.

AllyMac

Hence coming here to check it! The article is written in a factual style not a speculative style. It seemed unlikely to be correct when I found nothing to corroborate it... but when it comes to something as important as my pension planning, I'm going to check it out just in case!