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Pension pots for over 75 year olds
I currently save into a workplace pension with Royal London. I will be 75 years old next year but am still in full time employment, I expect to continue in my job for a few more years yet. Royal London have my retirement age as 75 so I asked them if this could be changed to 80 but they replied that they do not accept retirement dates beyond 75. If I start to receive my pension at age 75 whilst still working, I will pay a lot of income tax. I do not need the pension money whilst I am still working, do I have any other options?
Comments
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Royal London have my retirement age as 75 so I asked them if this could be changed to 80 but they replied that they do not accept retirement dates beyond 75.
That's the case on pre-2007 plans and ex-ISA plans. It's not the case on their modern plans. Their modern ones go to whatever age you want. Typically, those that carry on working or use Drawdown would set 99.
do I have any other options?
Yes, move to a modern plan
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 -
I believe there was a time when you had to take your pension by the age of 75 but I don't think that is true these days. You should ask them if you can put off taking the pension until you actually want/need it.
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Thanks for the comments.
I guess moving to another plan is an option but it's possible that my employer would no longer make any contribution. I'm looking into this.
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Just be aware that personal pension contributions after age 75 don't get tax relief. They may want you to stop making them.
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The title needs amending. It says 65.
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I have fixed that
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The attachment shows the options offered by Royal London. The 'Flexible Saver' would allow me to leave my pension pot with RL & continue to make payments into it. That sounds like pushing the retirement age back in all but name. My employer has confirmed that they would only make contributions into the company scheme with RL.
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Whilst Royal London offer those options, they may not offer it on the plan that you have.
The Royal London auto-enrollment compliant scheme does allow you to keep it after age 75. It's only the older group stakeholder pensions or group personal pensions that don't.
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.0
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