1973 baby dumb question

Aylesbury_Duck

jdl920p said:

What date were you born in 1973?  The date you can access a DC pension rises from 55 to 57 in April 2028, so depends which side of the line you fall (assuming you have no protected age)

I don't think there is any gradual change, it is a step change from 6th April (I think this is correct, I am sure will be told swiftly if I am wrong)

That's the case I believe.  If OP was born on 1st Jan 1973 then they can ordinarily access them when they turn 55.  If their birthday is 7th April 1973, they have to wait until they're 57.  Unless there are protected scheme ages in place that others have mentioned.

I think there may be an interesting window where someone born in the two years before 6th April 2028 could ordinarily access their pensions upon turning 55 until that date, but they then have a pause for two years to be able to access the rest.  I recall reading on here the suggestion that the government is looking into arrangements for those people, but if there are going to be special arrangements, they're leaving it late for those that need to plan.

I take the view that if things are that marginal that the transition is crucial to you then you perhaps don't have enough in your pots to be considering retirement that early, anyway.

To the OP:  it's not a daft question at all.  Its a very good question, because lots of people are going to be affected by these circumstances and many won't be aware of it or understand the consequences.

jdl920p

For someone born in June 1973 the age change is mildly annoying.  Although I am not annoyed as my friend who was born on 9th April 1973!

Silvertabby

The last increase - from 50 to 55 in 2010 - wasn't staggered, so very much doubt that this will be.

Different times, though.  Back in 2010, the vast majority of pensioners had DBs or used their DC funds to purchase an annuity.  Once in payment, these didn't stop even though the recipient was under 55.

Still not clear how those who opt for drawdown from 55 will be affected - but it does look like  further withdrawals after the change will be subject to the minimum age limit, unless a protected scheme age is in place.

shads1973

Thanks for all the replies. I’m a November 1973 so well past mentioned cut off dates. I’ll speak to the various providers, ultimately 3 are recent workplace pensions of minimal value in the grand scale of things. My main pot was from a period of self employment which is with royal London and a very old pension from employment in my 20s

There’s no requirement to access the whole pot, it was just getting an understanding around the 25% tax free element at 55 that I was trying to understand if it’s a black and white 57 now

All feedback been appreciated 

artyboy

jdl920p said:

For someone born in June 1973 the age change is mildly annoying.  Although I am not annoyed as my friend who was born on 9th April 1973!

I can beat that... but not in a good way