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Pension at 50

emsylu

emsylu Posts: 9 Forumite

First Post

13 June 2020 at 1:23PM in Pensions, annuities & retirement planning

When I was 19. (1998) I took out a personal pension plan. When I had my children I stopped paying in to it. So I know I won’t get the full value. However it was supposed to be 50k when I was 50. Now that I am 50 they say I cannot have it until I am 55. But that is not what I signed up for. Can they do this ?

I have a prudential private pension plan.

Thanks in advance

0

Comments

Marcon Posts: 15,602 Forumite

13 June 2020 at 1:35PM

Yes they can. The law has changed and that overrides any contractual conditions.

Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!
3
xylophone Posts: 45,912 Forumite

13 June 2020 at 2:41PM

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/protected-early-pension-age/#:~:text=On%206%20April%202010%2C%20the,increased%20from%2050%20to%2055.

1
ratechaser Posts: 1,674 Forumite

13 June 2020 at 2:44PM

And you're only 40 (or thereabouts) now, according to your OP...

4
dunstonh Posts: 120,895 Forumite

13 June 2020 at 5:33PM

Can they do this ?
It is not the provider that has done. It was change under the Government in 2006.
It is going up to 57 later this decade too (and linked to 10 years less than state pension age - So 58 will follow).

I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.

2

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