The ‘headline’ benefit is the pension. Tax relief is allowed on input to encourage individuals and their employers to provide them with a sustainable income in retirement. Employer sponsored pensions are sometimes referred to as ‘deferred pay’. With the implication of deferred pay also comes the reality of a deferred liability to tax.

As a general rule, the pension is payable from ‘normal minimum pension age’. This is currently 55, but was 50 between 6 April 2006 and 5 April 2010. The normal minimum pension age applies to members and pension credit members who have been allocated a pension credit on dissolution of marriage.

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