New pension laws 'may cause problems for over 50s'

New pension legislation in the UK could become an issue for over 50s thinking about early retirement.

The introduction of new pension legislation could cause issues for over 50s, particularly those born between April 1955 and April 1960, it has been suggested.

Under the changes announced in 2006, the early retirement age has been pushed up to 55 as part of a package to encourage people to work for longer.

Lorraine Giddings, head of The Nottingham's branch network, commented: "We are only a few months away from the introduction of sweeping reforms on the pensions industry and very few people, particularly women, are aware of the changes that could impact on them."

According to The Nottingham, up to 200,000 people in the country could be adversely affected.

One piece of advice offered for over 50s was that they should withdraw some of their pension entitlement before April 6th 2010 because if they fail to do this, they will not be able to access these funds before 2015.

This comes after research by UK insurer Aviva found that nearly half of pensioners in the country wished they had saved more money for their retirement.

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