Private Pension Age Rise

The minimum age for drawing a private pension has risen from 50 to 55, with two exceptions:

Ill health conditions entitle members to receive early payment of their pensions.

Members of schemes with governing documents in place on 10 December 2003 which contain the unqualified right to take pensions between 50 and 55 years of age.

It is advisable to check the provisions of company schemes and make appropriate announcements to members. It may also be necessary to take legal advice about amending scheme rules to comply with these regulations.