Normal Pension Age
For occupational schemes they will have a normal pension age, eg 65. Usually the rules will permit the taking of benefits to occur before or after this date. The scheme cannot force the member to take benefits at the normal pension age.
For individual pensions the rules only state the benefits cannot be taken before minimum pension age. The rules will determine how benefits can be taken.
Question - Use Your Note Taker To Jot Down Ideas / Calculations
Alice, who is in good health, was born on 1 May 1963. She contributes to a personal pension plan.
Under current legislation, what is the earliest date on which Alice will be able to take the benefits from her personal pension plan?
Under current legislation, the earliest date on which Alice would be able to take her pension benefits will be 1 May 2018 – in other words, her 55th birthday.