Pension drawdown

DMagee

I have 2 pensions DB & DC plus AVC’s before taking redundancy was told verbally by pension provider that I could draw on DB when 50yrs ..now after redundancy been told no has to be 55yrs…what rights do I have?

calcotti

And age will rise to 57 from 2028. I think the allowable age was 50 and was may have been correct when you were advised but was set at 55 from 2010. The rules are set by the government.

dunstonh

what rights do I have?

The minimum page age increase from 50 to 55 was part of legislation in 2006 and became effective in 2010.     The exception is on rare schemes that qualified for a protected scheme age.      So, if you are looking for a loophole with your "what rights do I have" comment, you are not going to find one.

It hasn't been 50 for 12 years and it is set by legislation, it cannot be changed because someone may have said something incorrectly (assuming that comment was recent and not from before 2010)

xylophone

told verbally by pension provider that I could draw on DB when 50yrs 

Have you checked on whether your DB scheme has a "protected pension age"?

https://www.mandg.com/pru/adviser/en-gb/insights-events/insights-library/protected-early-pension-age#:~:text=the main scheme.-,Members with a right to take benefits from age 50,protected after 6 April 2010.

Otherwise the pension provider has given misleading information.

Did you accept voluntary redundancy on the basis of what the pension provider told you?