The minimum age at which you can take your pension is increasing from the current age 55 to age 57, from 6 April 2028. This means that if you were born after 5 April 1973 (anyone currently younger than 50 and around 5 months) the earliest date that you can access your pension savings will be delayed by two years.
For those born after 6 April 1971 but before 6 April 1973, there will be a window from your 55th birthday up to 5 April 2028 to access your pension or start regular withdrawals, after which you will have to wait until your 57th birthday.
There are some exceptions, for example if you have a work pension with a protected pension age or you are in very poor health, but the change will apply to the vast majority of people.
This does mean that, if you had planned to retire at age 55 and you are affected by the change, you will need to ensure that you have other assets or sources of income available. This could include savings or ISAs, which do not have restrictions on when they can be accessed (with the exception of Lifetime ISAs).
Even though the change is still a few years away, reviewing your retirement plans on a regular basis is a great habit to get into. Particularly as you get closer to the age at which you’d like to start taking your pension savings.
We are always available to discuss any queries or concerns, so just call or drop us an e-mail.
This article is for information only and should not be construed as advice or a recommendation. You should always seek independent financial advice prior to taking any action.