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Changes to minimum retirement age
20 January 2010
If you are age 50 or over there is an important change early this year which you should be aware of.
From April 2010 onwards you will have to be at least age 55 to start payment of your private or company pension early.
This change in the law was part of the reforms introduced in the 2004 Finance Act which raises the minimum age for early retirement from 50 to 55 effective from April 2010 to reflect the fact that we are all living longer and that our pensions will be paid to us for longer.
There’s a good chance that people born after 6 April 1960 who were hoping to start their pension at age 50 might be caught out by the rule change.
A recent survey carried out by a firm of independent retirement brokers has indicated that as many as four-fifths of 50 year olds are unaware of the change.
Usdaw members who think that they or somebody they know might be affected by the change in minimum retirement age and would like more information can contact the Pensions Section in the Legal Department at the Union’s Central Office by calling us on 0161 249 2440 or sending an email to pensions@usdaw.org.uk
Contact Details
Pensions section
Ph: 0161 249 2440
Fax: 0161 257 2566
Email: pensions@usdaw.org.uk
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