What is the earliest retirement age?
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anabel
Apprentice
Joined: 28 Jun 2006
Posts: 4
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 Posted: 05/04/08 - 07:26 Post subject: |
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I have a question about pensions. I've found out that some changes have been made and that they apply from April 2005. How would that affect people who already joined pension schemes? Are there also changes of the earliest retirement age? What is the earliest retirement age?
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egon
Apprentice
Joined: 10 Mar 2005
Posts: 10
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| Posted: 05/14/08 - 05:36 Post subject: |
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| Pension changes will affect some people and it depends on a few things. Earliest retirement age depends on a pension scheme. It is different indifferent types of pension. To claim a basic state pension you must be 65 years old (for men) or 60 (for women) if you were born 5 April 1950. If you were born after that date it would be 65 for women. If you qualify, you could also claim an additional state pension which has more benefits. If you decided to get a personal pension scheme the earliest retirement age would be 50 but it would increase to 55. The same stands for stakeholder pensions which are actually a type of a personal pension. For company pension consumers there is no particular age specified. It depends on contributions made while you were working. If you joined a final salary scheme it would depend on your final salary and not you are when you left. In case of money purchase scheme it depends on your investment behavior. |
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anabel
Apprentice
Joined: 28 Jun 2006
Posts: 4
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| Posted: 05/24/08 - 03:47 Post subject: |
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| I have a question about pensions. I've found out that some changes have been made and that they apply from April 2005. How would that affect people who already joined pension schemes? Are there also changes of the earliest retirement age? What is the earliest retirement age? Thank you in advance. |
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egon
Apprentice
Joined: 10 Mar 2005
Posts: 10
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| Posted: 06/03/08 - 01:58 Post subject: |
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| Pension changes will affect some people and it depends on a few things. Earliest retirement age depends on a pension scheme. It is different indifferent types of pension. To claim a basic state pension you must be 65 years old (for men) or 60 (for women) if you were born 5 April 1950. If you were born after that date it would be 65 for women. If you qualify, you could also claim an additional state pension which has more benefits. If you decided to get a personal pension scheme the earliest retirement age would be 50 but it would increase to 55. The same stands for stakeholder pensions which are actually a type of a personal pension. For company pension consumers there is no particular age specified. It depends on contributions made while you were working. If you joined a final salary scheme it would depend on your final salary and not you are when you left. In case of money purchase scheme it depends on your investment behavior. |
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