The government has confirmed the minimum private pension age will increase from 55 to 57 in 2028.
It announced the increase back in 2014 but did not include provisions in legislation for it to be implemented.
Responding to the question, economic secretary to the Treasury John Glen said: “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.”
Commenting on the news Aegon pensions director Steven Cameron says: “The government has confirmed it is to proceed with an increase in the age at which people can access their pension. Currently, under the hugely popular pension freedoms, individuals can access their pension from age 55. This is to increase to age 57 from 2028.
“The government did indicate back in 2014 its intention to do this, but didn’t include provisions in legislation, leading to uncertainty over whether the change was still planned. This latest announcement confirms the change will happen meaning those retiring in future will have to wait longer to access their pension. It will be particularly impactful on those who were due to reach their 55th birthday just after the cut off, sometime in 2028.
“It’s now imperative that both government and industry make sure this change is clear to all those saving in pensions. We can’t afford a repeat of the government communication gaps which left many women to find out too late that their state pension age was increasing from 60 to 65.”
Source: Money Marketing.
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