Abbey Life Pensions | Change To Minimum Retirement Age
CHANGE TO MINIMUM RETIREMENT AGE Important Update For Abbey Life Pension Holders (and others).
Some Abbey Life Personal Pensions have a very limited options in relation to the way that Retirement Benefits can be taken, effectively this means that if you do not make the choice to move your Pension on the Selected Retirement date you could end up with a Pension that is considerably worse than you could expect had you taken the benefits elsewhere.
The affected Abbey Life Pension Plans are:-
- Abbey Life Personal Pension Plan
- Abbey Life Retirement Plan
- Abbey Life Executive Pension Plan
- Abbey Life Pension Annuity Plan
- Abbey Life Personal Retirement Account.
There is a some action you can take in order to move forward with your Pension Plans, and an urgent review should be carried out with immediate effect.
Firstly you only have until 6/4/10 in order to draw benefits “earlier than 55” as the minimum retirement age is increasing to age 55 with effect from then 55 is the minimum age at which you can draw benefits after 6th April 2010.
This is important for many reasons, however given the level of charges under all of the Abbey Life Pension Plans, the almost dire investment returns from the available funds under management and this new change it is vitally important that you at least review your options with a suitably qualified Financial Adviser.
Key points to review are:
The level of charges within the plan.
Options at normal retirement date
Overall investment returns.
These areas need to be compared with the available plans in the market place currently and if appropriate a transfer of benefits made to another provider.
There are of course several other providers of Pension Plans that are equally as bad and some of these are detailed here.
For those of you reading that would like see my other posts on the subject of Abbey Life Pensions these are below.
Abbey Life Pension Plan Review Service
General Pension Review Service
Abbey Life | Allied Dunbar Pension | NPI Pension | Pearl Pensions | And others important action!
Please contact me should you wish to discuss any of your Pension Planning, in particular if your provider is on the list.
You can contact me here or call on 0845 226 9106
Richard Smith
Independent Financial Adviser
Want to be updated when this page changes send us your details below
You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
