What happens at retirement?
You may take your pension benefits anytime from age 55 (the government proposes to increase this to age 57 from 2028) and you don’t need to stop working to take your pension. However, taking money out of your pension pot before your selected retirement age will affect how much you receive later. You also have a ‘selected retirement age’, which is likely to be later than 55. The default age under the Options Workplace Pension Trust is age 65.
It’s a good idea to review your selected retirement age and make sure it reflects roughly when you think you’re going to retire.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.