A Lichfield-based financial expert is warning people to check what effect new pension rules could have on them.
From April 6, 2010, the minimum age for taking a tax free income or lump sum from a personal pension will increase from 50 to 55 years of age.
The legislation creating this change was put in place in 2006 as part of A Day which aimed to simplify the pension rules and has different consequences depending on how a person chooses to take their pension benefits.
It could also have a significant impact upon the retirement plans of the 7,500 Lichfield residents who are aged between 50 and 54.
Kevin Jenkins from Lichfield based IFA firm, Key Financial Management explained:
Retirement at earlier ages will still be possible on the grounds of ill-health and for certain occupations. However, for everyone else wanting to receive their personal pension benefits before the age of 55 they will need to ensure that they have started to receive them before midnight on April 5, 2010.
Kevin added:
