From what I recall reading about the change for earliest retirement age being increased from 50 to 55, I did not notice any points made about the chance to retire at 50 after the changes took place for those already in a pension scheme. I think the suits just decided to give some notice of when the change would take place and that was it.

Be aware though that in most, if not all these pension schemes that if you take an early pension paid immediately (not frozen till 60 or 65) then the pension scheme will deduct a percentage for each year that you retired early. I think these tend to range between 2% and 5% per year on FS schemes.

I don't see how the government were allowed to get away with this change rather than making savings from other less useful things. Government's fault but poor old taxpayer has to cough up again...

banjofred,

Its not just Canada that allow it (although I couldn’t comment on their arrangements) if you have a personal pension, you can take up to 25% of your total pension savings from all sources as a tax free lump sum when you retire. However, that lump sum is only tax free if it is less than 25% of the lifetime allowance for the tax year.
Yes, it is sickening to say the least, pensioners have already got a not so good deal following the Bank of England's release of £50 billion worth of quantative easing, meaning those about to buy an annuity or crystallise pension benefits will get remarkably less than they would have done had these notes not have been printed! I would like to know how they think the vast reduction in pensioners income will kick start the economy?!!

i was made redundant by nortel five years ago at age 51 so i took advise and signed for a early retirement pension which i paid in to for 33 years.then a year later it was cut by £40 a month because of the new ppf rules i am under 60 years old. this was not the rule when i sign for my pension so they should not have the right to cut it. what i say the government should bailout pension funds a 100% like the way they bailout the banks. so remember new rule is for early retirement pension at age 55 to 60 is only guaranteed 90% if your company went bust like nortel.