Time to act!

The minimum age at which members may take their benefits is to increase from 50 to 55. Introduced by the Finance Act 2004, the changes will take effect on 6 April 2010. If a pension is paid before this age it will be an unauthorised member payment until the member reaches normal minimum pension age. However, there are some exceptions to this basic position including incapacity pensions and situations where members have a 'protected pension age'.

Wragge & Co's pensions experts look in more detail at the requirements for a 'protected pension age' after 6 April 2010, and the conditions for drawing pension and remaining in employment. We also look at what steps trustees and employers need to be taking now, including reminding members of the incoming changes.