Pension Ages - minimum and maximum
- pension funds
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The minimum age at which pension benefits can be taken is 55.*
Ill health exception - a pension may be paid at any age, and, (if life expectancy is declared, by medical experts, to be less than one year) can be provided as a lump sum.
There is no maximum age for pensions to commence, but in practice age 75 should be viewed as a sensible maximum. (If no action is taken before age 75, then scope for flexibility in planning is reduced, plus tax charges may be incurred).
Lump sum payments made after age 75 are treated as unauthorised and subject to a tax charge.
* Prior to April 2006 some professions were granted a dispensation to retire early (eg some sports people and dancers). If you fit into such a category and accrued rights under a pension before 2006, it may be possible to protect your rights to retire early. See your Financial Adviser.
Last updated on April 7, 2010