HMRC rules state that you are unable to take your pension scheme benefits from a registered pension scheme until you reach the normal minimum pension age. The normal minimum pension age is determined in the legislation for registered pension schemes and is
However, although these are the minimum ages according to HMRC
legislation the rules of your own scheme will state the age
applicable to you. It could be higher than the ages set out above.
If your scheme does not adopt a normal minimum pension age
of 55 by 6 April 2010 and pays benefits out to you before that age,
then they will be making an “unauthorised” payment to
you with consequential tax implications.
If you started to take benefits after reaching the normal
minimum pension age of 50 before 6 April 2010 but you are not yet
age 55 by 6 April 2010 those benefits can continue to be paid as
authorised payments. If you want to crystallise further benefits
after 5 April 2010, to be authorised payments you must have reached
the normal minimum pension age of 55.
There are separate rules if you want to retire through
ill-health (see
RPSM08200070) or if you were in a
pension scheme before 6 April 2006 which had a low retirement age
because of your particular profession (for example professional
sports people or those in hazardous occupations) (see
RPSM08200060).
| Glossary ( RPSM20000000) |
