Pension annuity age rise warning
Many older workers have not realised that the earliest age at which they can take an annuity to provide a pension income rises from 50 to 55 in April 2010, which means anybody born since April 6, 1960, can’t take a pension until after April 6, 2015.
Steve Hunt at Rockingham Retirement says: “People currently aged 50 with a fund of £100,000 could expect to receive an annuity of £5,478 per year if they retired today.
“But if they delay until April 2010, they won’t be able to retire until 2014.
