Last chance to draw benefits before age 55

09-02-2010

The minimum age at which pension benefits can be taken rises from 50 to 55 on 6th April 2010 (unless of course members have a protected retirement age).  Anyone between the age of 50 and 54 therefore has a window of opportunity to take benefits now rather than wait until their 55th birthday.

Members whose birthdays are close to the deadline need not worry if their pension provider cannot physically make the payment on or before 5th April.  HMRC have confirmed that provided the member has notified their pension provider in writing on or before 5th April 2010 that they wish to draw benefits then the provider has a period of 12 months in which to make the payment.  Note however that this effectively means that pension providers must be notified by 1st April since 2nd to 5th April 2010 are encompassed by the Easter weekend.

If you wish to draw benefits from your Westerby SIPP you must submit a fully completed and signed benefit options form to reach us on or before 1st April.  The form can be found by clicking on the following link:

http://www.sipp-ssas-pensions.co.uk/documents/benefits-option-form.pdf