23 June 2010
In the emergency Budget on 22 June 2010, George Osborne
announced that the maximum age for drawing retirement benefits from
a private pension scheme, currently age 75, is to be
withdrawn. A consultation will shortly start on a new set of rules
which will be effective from 6 April 2011.
In the meantime, effective from 22 June 2010, some pension
scheme members can take advantage of transitional rules.
Basically, members of defined contributions pension schemes (i.e.
money purchase, personal and stakeholder schemes) who have not yet
purchased an annuity and reach 75 on or after 22 June
2010, will have until age 77 to purchase their annuity. These
rules will cover the period up to 6 April 2011.
There are a number of conditions to these transitional
rules so you should click here to download HMRC's full
announcement.
