The forthcoming rise in the normal minimum pension age to 55 years on 6th April 2010 means that:

• Retirees born between 7th April 1955 and 5th April 1960 will still be able to take their pension benefits until 6th April 2010.
• If benefits are not taken by 6th April 2010 the applicant will have to wait until they are 55 years old to take their pension benefits.

The change does not affect those with Protected Pension Ages (e.g. sportsmen) and those whose funds have moved into full Drawdown before 6th April 2010 - although we understand that if someone aged below 55, is in full drawdown and now wishes to annuitise, they may not be able to do so until attaining 55. This is pending HMRC clarification (although given current annuity rates it would be debateable as to why someone currently in drawdown would want to annuitise at such a tender age!)
Do bear in mind though that those aged below 55 in phased drawdown (and phased annuity purchase) will not be able to vest unopened segments of their plans after 6th April 2010, until they attain age 55. Although the change becomes effective in the new tax year, do bear in mind that product provider systems will require early submission in order to process requests.