It’s been a long time coming, after first being announced in 2014, but the government has just confirmed the minimum pension age increase from age 55 to 57.
The change will be effective from April 2028. This applies the rule of the minimum pension age being 10 years earlier than state pension. State pension age is due to increase to age 67 as from April 2028. Until 2028 you can access pension from age 55.
The change is said to reflect the trends in longevity and to encourage people to remain in work and save in their pensions for longer to provide a more sustainable retirement.
We believe that some earlier, scheme-specific, retirement ages may persist but as time goes on such exceptions will become fewer but it always worth checking your own pension scheme.
If you need guidance or advice on your pension and its accessibility or you are planning for your retirement please contact us and we’d be please to help.