18 January 2010
Advisers are warning investors not to access their private
pensions before age 55 unless they have no other income, ahead of a
change in the rules on the 6 April which raises the minimum age at
which people can access their pensions. The minimum age will rise
from 50 to 55.
Falling stock markets and low annuity rates have decreased the
value of many people's pensions which has tempted a large number to
take their pension as soon as possible.
Tom McPhail at Hargreaves Lansdown said: "Don't take your
pension benefits for the sake of it. The longer you let your fund
roll up, the larger your tax-free cash sum will be."
