Confusing response from Aegon re right to retire at 55

Workerdrone

Hi, Im 49, so believe I will miss the right to draw from my pension at 55 should I wish to do so. Back in April I contacted Aegon to ask if my old group personal pension had a protected retirement age. I forgot to look for a response. Ive just found it and I am confused. There response Thank you for contacting us.

 

In regards to your request for your plan ending in ***, please find the answer to your query:

 

• I confirm you do not have a protected retirement age (ie under the age of 55). You will not be affected by the increase in minimum pension age due to take effect from 2028 and have an unqualified right to retain the minimum pension age of 55.

Clear as mud to me. I thought you could only retire at 55 if your pension specified that. Aegon seem to be saying mine doesnt. (I didnt ask about under 55), then they say I can take it from 55?

DRS1

I think you're going to have to ask them to clarify.  Sounds to me as if they had a pre-prepared response and someone just forgot which bits to delete.

dunstonh

(I didnt ask about under 55),

There are multiple protected scheme ages.   Currently the most common is age 50 instead of 55.   

Clear as mud to me. I thought you could only retire at 55 if your pension specified that. Aegon seem to be saying mine doesnt. (I didnt ask about under 55), then they say I can take it from 55?

Their response states that you don't have a protected age of 50, but you do have an unqualified right to access it at 55.

QrizB

Workerdrone said:

Clear as mud to me.

Dunstonh has explained above, but breaking it down:

Workerdrone said:

I contacted Aegon to ask if my old group personal pension had a protected retirement age.

You asked if you had a protected pension age. You didn't specifically ask if you had an unqualified right to access your pension at 55.

Ageon replied:

Workerdrone said:

I confirm you do not have a protected retirement age (ie under the age of 55).

So you don't have a protcted pension age (that would let you take your pension earlier than 55).

Workerdrone said:

You will not be affected by the increase in minimum pension age due to take effect from 2028 and have an unqualified right to retain the minimum pension age of 55.

But you do have the right you intended to ask about, which is the unqualified right to retain a minimum pension age of 55.

Mark_d

Workerdrone said:

• I confirm you do not have a protected retirement age (ie under the age of 55). You will not be affected by the increase in minimum pension age due to take effect from 2028 and have an unqualified right to retain the minimum pension age of 55.

Clear as mud to me. I thought you could only retire at 55 if your pension specified that. Aegon seem to be saying mine doesnt. (I didnt ask about under 55), then they say I can take it from 55?

This sounds quite clear that you will be able to take you pension from age 55.  Your normal retirement age might be 60 or 65 but the earlier you take the pension, the less you'll get per year.

Workerdrone

Thanks all, gives me a bit more confidence

Albermarle

Mark_d said:

Workerdrone said:

• I confirm you do not have a protected retirement age (ie under the age of 55). You will not be affected by the increase in minimum pension age due to take effect from 2028 and have an unqualified right to retain the minimum pension age of 55.

Clear as mud to me. I thought you could only retire at 55 if your pension specified that. Aegon seem to be saying mine doesnt. (I didnt ask about under 55), then they say I can take it from 55?

This sounds quite clear that you will be able to take you pension from age 55.  Your normal retirement age might be 60 or 65 but the earlier you take the pension, the less you'll get per year.

It is a group personal pension , so DC, not DB,
So there is no normal retirement age associated with it.