Pension age increased to 57

Budget-inheritance-tax
Budget-inheritance-tax

Article by Christina

In case you missed the news, the Government finally confirmed last week that the age at which pensions can be accessed will increase from 55 to 57, from 2028. That will catch anyone who is currently under 47, depending on your birthday of course.

The current rules came in under pension freedoms back in 2014 and it long been muted that the Government would make the changes to bring the age in line with changes to state pension eligibility which had already moved to 67 for many people.

The reason for the change also means that people can only access their pensions two years later which the Government believes will help preserve peoples pension incomes as they live longer.

There is pressure for the Government to publicise this change early and not fall into the trap of leaving people in the dark, which is what allegedly happened when women’s pension age was changed from 60 to 65 way back in 1995.

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