This information has been confirmed on the UK Parliament website following an exchange in the House of Commons today, 3rd September 2020.
The exact wording is as follows:
“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.”
The change will not take place for some time so no need to panic now but it will mean that some people who had intended to access their personal pensions at age 55 years, per the current rules, will have to adjust their plans for two years.
This is simply about personal plans and is not linked to the UK’s State Pension
To arrange a discussion about your retirements plans, your UK pensions, or any aspect of your personal financial planning, please email me at keren@holbornassets.com
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