What’s changing?
From 6 April 2010 the minimum age that pension benefits can be taken rises from 50 to 55.

For many of people this change could well have a significant impact on their retirement plans as they may not be able to accesstheir pension benefits when they want. And many of these don’t even realise this fact. Plus, there is no changeover period, so this seemingly small change could have important consequences for your retirement plans.

What does this mean for you and your family

For clients between the ages of 49 and 54 this could make a huge difference. You need to act before this date otherwise access to your pension benefits will be restricted. 49-54 year olds need to act very soon.

People younger than 49 years old need to consider reviewing their circumstances as they could still be affected.

Bet you didnt know you can switch your pensions much like you can switch your car insurance?

Now you’ve got your pension in place, you keep the same one until you want to retire. Right?

Perhaps. But have you ever thought about switching your pension planning?

Sticking with the same pension product or pension planning until you retire might not be the best option for everyone. If you have an outdated pension plan, you may benefit from moving to a modern flexible pension, with lower charges, more choice in how you invest your savings and which can be monitored online.

More and more people are happy to look around for the best deals and switch their credit cards and mortgages to save money, but when it comes to switching their pension to get the best, very few people though have done so. Are you one of those people?

Now you’ve got your pension in place, you keep the same one until you want to retire. Right?Okay, you may think it’s a bit of a hassle changing financial products, and sometimes it seems easier to leave things as they are. But you could be missing out if you choose to stay in your pension plan.

If you have a number of different pensions, perhaps relating to preivious employment with different companies, it can often be beneficial to consolidate these in a single pension plan. This makes it easier for you to put a value on your total pension savings and may also allow you to gain from lower charges and an overall investment strategy tailored to your needs.

Of course the decision to switch pensions requires consideration and it may not be in your interest to switch, therefore it is important that you receive advice from a professional adviser before deciding to move your pension.

Andrew Histon write lots of articles for the web on many subjects Pension Planning UK and other subjects. When not on the web here is in the garage playing with his classic mini or lambretta.