Turbo charge your pension, says Standard Life

From 6th April this year, the minimum age for drawing a private pension will rise from 50 to 55. This affects anyone born between 7th April 1955 and 6th April 1960; the former will only have to wait one extra day to get their pension if they take it on or after 6th April 2010, whereas the latter will have to wait five years.

However, people who reach age 50 before 6th April this year still have a chance to make plans for their pension before the changes take effect. For example, someone born on 18th May 1958 could have started drawing their pension from 18th May 2008. However, if they have not taken their pension by 6th April 2010, they will have to wait until 18th May 2013 - their 55th birthday - before they can touch it.

But you don't need to be about to retire to consider taking your pension. Taking your benefits and reinvesting the lump sum is a great way to turbo-charge your pension fund.