With British citizens worry the UK's massive debt pile could mean rising income taxation - whoever wins the next General election expected by June 2010 - the struggling population will be faced with another budget bombshell. From April 2010 pension law will change. Those who want to take early retirement will have to wait five years more. The Normal Retirement Age in the UK is 65 years, but pension savers are allowed to draw a private pension when they reach 50 years. But from April they can only retire as early as 55 years. Anyone after that will end up paying a penal tax charge if they take their benefits early. British pension fund trustees are currently writing to employees explaining the changes.
With British citizens worry the UK's massive debt pile could mean rising income taxation - whoever wins the next General election expected by June 2010 - the struggling population will be faced with another budget bombshell. From April 2010 pension law will change. Those who want to take early retirement will have to wait five years more. The Normal Retirement Age in the UK is 65 years, but pension savers are allowed to draw a private pension when they reach 50 years. But from April they can only retire as early as 55 years. Anyone after that will end up paying a penal tax charge if they take their benefits early. British pension fund trustees are currently writing to employees explaining the changes.
