Minimum age to access private pension to rise to 57 in 2028
The minimum age at which Brits will be able to access their private pension will rise to 57 in 2028.
The current age to access retirement cash under pension freedoms is 55, and savers were already braced for the change.
In a parliamentary question submitted by Stephen Timms, Labour MP for East Ham, he asked what plans the exchequer has to increase the minimum age at which people can access their private pension under the tax rules.
And today, John Glenn, economic secretary to the treasury, responded: “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.”
Steven Cameron, pensions director at Aegon, said he assumed there would be a fixed date for the change – most likely 6 April 2028 which would create a “cliff edge” for access.
“So if you’re born on 5 April 1973, you’ll get access at age 55. If you’re born on 6 April 1973, you’ll have to wait another two years,” he posted in a tweet.