My wife has rental income in excess of this and we are jointly assessed. I don't have any rental income in my own name, will this preclude me from qualifying for BP65?
It looks like the bill will be approved by cabinet today, where those with a contract of employment saying 65 is the age to retire will have that extended to 66 when the old age pension kicks in.
I am not sure how long after this step it takes for the legislation to be enacted?
@ all, I would like to hear your thoughts on how this could affect the Occupational Pensions linked to the "old" contracts which end date is 65 years old as the legislation only talks about the contract with the employer not the contract signed with the Occ pension provider.
I asked the question to my Occ pension provider before this legislation was signed. AON confirmed that the scheme will close when an employee reaches 65 years of age independently of the agreement made with the employer to extend their contract or if you have left the company before hand.
- Do you think that the employee will be protected in preserving their current Occ Pension until the new retirement age? I am thinking about the % that the employer contributes into the EE pot.
- Could you be forced to close your Occ pension and retrieve your fund (ie buying an ARF) at 65 even when you might prefer to leave it till 66 (and up to 70) when you retire? I am thinking you might have different pots and want to manage them at different stages. Can the funds from previous employers will have an end date when you reach 65 or when you retire?