From 2028, the age at which pensions can be accessed will increase from 55 to 57

04 September 2020

In a written response to Parliament, Economic Secretary, John Glen has confirmed that the government will increase the age at which people will be able to access their pensions, from the current age of 55, to 57, from 2028.

He stated:

“In 2014, the government announced it would increase the minimum pension age to 57 from 2028, reflecting trends in longevity and encouraging individuals to remain in work, while also helping to ensure pension savings provide for later life.

That announcement set out the timetable for this change well in advance to enable people to make financial plans and will be legislated for in due course.”

This intention was first put forward back in 2014, but there was never any associated legislation, leading many pension professionals to ask whether the changes would ever actually happen. Current pension freedom rules, implemented in 2015, mean that individuals aged over 55 can opt how and when to draw down their pensions, but this will change from 2028.

 


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