"Retirement Age" fixed ?

michael1234

So, I'm just (hopefully) completing a transfer to a DC scheme. The IFA has filled out the application forms for me and I noticed it says "retirement age 60". Now that is probably about right, but is that fixed and should my needs change would I likely be able to change that (to as low as 55) ?

MallyGirl

if it is a normal DC scheme then retirement age doesn't mean anything. You can access when you like subject to the minimum age at the time (55 today but rising to 57).

Albermarle

michael1234 said:

So, I'm just (hopefully) completing a transfer to a DC scheme. The IFA has filled out the application forms for me and I noticed it says "retirement age 60". Now that is probably about right, but is that fixed and should my needs change would I likely be able to change that (to as low as 55) ?

Firstly be clear that there is no such thing as a retirement age in the UK. You can retire at 30 or work until 90.

With a DC pension you can start taking it currently at 55 ( rising to 57 in 2028) regardless of whether you are working or not, or you can take it years later, or not at all.

However many pension providers like to have a 'retirement age' in their system as a reference. For example if it is 60 then maybe 12 months before they will contact you with info about withdrawal options. However you can totally ignore them if you want.
As you will have an IFA they will contact them anyway. Did you not ask them the same question you posed here?

dunstonh

michael1234 said:

So, I'm just (hopefully) completing a transfer to a DC scheme. The IFA has filled out the application forms for me and I noticed it says "retirement age 60". Now that is probably about right, but is that fixed and should my needs change would I likely be able to change that (to as low as 55) ?

I set most pensions up to age 99.  So, 60 seems quite low.  Although in transactional cases or where drawdown is unlikely, I tend to use the state pension age.

It doesn't really matter what you set it to other than for statement projections.

The protected scheme age of 50 and more recently 55 applies to the scheme.  Not the retirement age you select for the projections.

Marcon

Albermarle said:

michael1234 said:

So, I'm just (hopefully) completing a transfer to a DC scheme. The IFA has filled out the application forms for me and I noticed it says "retirement age 60". Now that is probably about right, but is that fixed and should my needs change would I likely be able to change that (to as low as 55) ?

Firstly be clear that there is no such thing as a retirement age in the UK. You can retire at 30 or work until 90.

Some occupations still have mandatory retirement ages (eg judges).

vacheron

The only thing to make sure is that your scheme doesn't have any kind of "lifestyling" feature which will automatically and steadily transition you into less risky investments during the years approaching  your stated retirement. 

Arguably good if you are planning to retire at exactly this age and plan to buy an annuity. 
Arguably bad for any other scenario.

michael1234

Albermarle said:

michael1234 said:

So, I'm just (hopefully) completing a transfer to a DC scheme. The IFA has filled out the application forms for me and I noticed it says "retirement age 60". Now that is probably about right, but is that fixed and should my needs change would I likely be able to change that (to as low as 55) ?

Firstly be clear that there is no such thing as a retirement age in the UK. You can retire at 30 or work until 90.

With a DC pension you can start taking it currently at 55 ( rising to 57 in 2028) regardless of whether you are working or not, or you can take it years later, or not at all.

However many pension providers like to have a 'retirement age' in their system as a reference. For example if it is 60 then maybe 12 months before they will contact you with info about withdrawal options. However you can totally ignore them if you want.
As you will have an IFA they will contact them anyway. Did you not ask them the same question you posed here?

I didn't ask him that question. I could have done I suppose but I thought I would use his time carefully in case I need it. This question was sufficiently generic I thought a forum could answer and boy did they do so - thanks forum !

Thanks for the other comments though.