In the news: Minimum pension age to rise to 57

The Government are currently seeking views on a proposed move to increase the minimum pension age from 55 to 57 in 2028. Currently people aged 55 and older can access their pension funds, sometimes sooner if they’re in ill-health.

The Treasury consultation said: ‘Increasing the normal minimum pension age reflects increases in longevity and changing expectations of how long we will remain in work and in retirement’.

They’re hoping this rise could ‘encourage individuals to save longer for their retirement, and so help ensure that individuals will have financial security in later life’.

Members of the firefighters, police and armed forces public service pension schemes would not be affected by the change. 

Source: gov.uk/government/consultations/increasing-the-normal-minimum-pension-age-consultation-on-implementation

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