If you were planning to retire early, now may be the time to re-assess your pension arrangements.

With effect from April 2010, the minimum age that you can start drawing your private or company pension will increase – from age 50 to 55.

This new minimum age will apply to anyone born after 5th April 1960.

Exceptions to this new rule do exist. If you had the right to retire before age 50 at 6th April 2006, this may still remain, as will the right to retire early due to ill health.

If you are a member of an occupational pension scheme, it may be possible to draw your pension earlier than the new minimum age, whilst you are still in employment.

However, many such schemes are considering raising the age at which you can start drawing your pension , so it is important that you check this.

If you would like further information about the impact of the new changes to the pension rules known as ‘A’ Day or to find out for free what your retirement income might be, then please contact Matthew Berry, Chartered Financial Planner of Park Row on 07968 013 895, 01204 364484 or via email on matthew.berry@parkrow.co.uk