Increase in Minimum Pension Age

With effect from 6 April 2010, HM Revenue & Customs is increasing the minimum pension age to 55. This means that SIPP and SSAS members will not be able to start taking benefits from their pension scheme until they reach the age of 55.

The current minimum pension age is 50. For those members who will reach the age of 50 prior to the 6 April 2010 and wish to take benefits, or purchase an annuity, we will require notification by the 1st March 2010, in order to provide the necessary documentation and subsequently process the payment.

For those members who are currently phasing their pension benefits, but will not be age 55 until after 6 April 2010, the pension from the already drawn down part of the fund (crystallised) will continue to be paid. However, from 6 April 2010, they will be unable to take any further Pension Commencement Lump Sum (tax free cash) or pension from the uncrystallised part of the fund until they reach age 55.

For further information on taking benefits or purchasing an annuity please contact Harsants on 0151 648 7615.

Tax Year end 2009/2010

The end of the current tax year, 5 April 2010, falls over the Easter Bank Holiday weekend. The last working day of the tax year is the 1st April 2010, please ensure that your pension contributions are received by us before this date.