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The normal minimum pension age increased from 50 to 55 from 6 April last year, since which time people have normally only started receiving their pensions without incurring an unauthorised payments tax charge once they have reached age 55, unless they have already started drawing.
The government is aware that pension tax legislation imposes a charge if an individual transfers his or her pension before age 55 to a new provider or changes to a different type of pension.
HMRC intend to introduce new legislation, which will be backdated to 6 April 2010, to remove the unintentional charge for people aged between 50 and 55.
Legislation, which comprises of regulations covering provider changes and a Treasury order covering changes in the types of pension, has been published in draft.
Comments should be emailed to the Revenue's pensions policy team no later than 21 February.
