The minimum retirement age for taking benefits from personal pensions is to be raised to 55 from April 6th this year.  Those within this bracket who wish to take their pensions commencement lump sum need to act quickly.

However in most cases it is not advisable to take pension benefits this early.  Annuity rates are very poor for those aged 50 years and it will be harder to build up benefits with the reduced time available.  With the change in pension rules it is possible to take the lump sum and leave the benefits invested to grow until a more beneficial time.

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