Over 50s 'rushing to claim pensions early due to law change'

An increasing number of over 50s may be rushing to withdraw their pensions early ahead of an imminent change to the minimum retirement age.

Statistics from Aon Consulting have revealed that only 31 per cent of workers aged between 45 and 54 are aware that the minimum retirement age is to rise from 50 to 55 in April 2010.

According to Churchouse Financial Planning, this lack of awareness could see some over 50s being forced to quickly revise or bring forward their early retirement plans in order to meet the deadline.

However, Keith Churchouse, director at the advisory firm, warned against snap decisions to draw from pensions early, stating that it is something he "wouldn't recommend" unless totally necessary.

In addition, the expert described the lack of awareness over the legal change as a worrying sign that people are beginning to "switch off" from pensions news.

He said: "Anything technical to do with pensions they think is either boring or bad news. Therefore some of these important issues that they really ought to be thinking about have slipped under the radar."

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