On 06/04/2010 the minimum age at which pension benefits can be taken will increase from the age of 50 to 55. According to a recent survey by AON Consulting, just under 25% of respondents (and less than a third of workers aged 45 – 54, i.e. those potentially most affected by the changes), said they were aware of the increase to the minimum retirement age.

In terms of actions to take, if you are aged 50-54 now and plan on drawing an income from your pensions in the next few years, you should consider taking benefits before 06/04/2010.
If you’re in ”phased retirement” or “phased income drawdown” through your pension and are currently under 55 then you need to be aware that the increased minimum age may limit the amount you can move from the “unvested” part of your pension to the “vested” part.