Pre-Budget Statement - Pension Points

Two, unrelated, points are worth bringing to your attention.  Firstly, on 6 April 2010 the minimum age at which an individual may begin to draw his or her retirement pension, under a company pension scheme, a personal pension plan or any other tax-approved pension arrangement, will rise from 50 to 55. Anyone whose pension commenced before 6 April 2010 will be able to continue drawing it, even if they are not yet 55. Accordingly, some people currently aged between 50 and 55 may wish to consider taking their pension before 6 April, even if they do not intend to retire yet.

Secondly, anyone wishing to 'top up' their National Insurance contribution record (to buy additional National Insurance Retirement Pension) should note that voluntary contributions for 2007/08 can be paid at £7.80 a week (£405.60 for the year) until the end of the current tax year (in practice, 1 April 2010, because of Easter). Thereafter, contributions for that year will cost £12.05 a week (£626.60 for the year).