11th February 2021
The government has confirmed the minimum age at which individuals in the UK can access their private pension will increase to 57 in 2028.
Savers who pay into a personal pension directly or one arranged through their workplace, can currently access their money at 55. The move means that those retiring in the future will have to wait an extra couple of years to access their pension. The government had indicated six years ago that they intended to do this, due to increasing life expectancy, but finally provided confirmation of their plans in early September. The change will affect workers currently aged 47 and under.
The change will affect workers currently aged 47 and under.
Although not great news for those planning to stop work well before the average 64-65, at least the government have provided advance warning and the extra two years will give people longer to put more into their pension – some silver linings.