UK Pension Age Rises to 57
by Thomas Quinn on Oct 3, 2020
Est. Reading time 2 min
The UK government have announced the minimum pension age is to rise from 55 to 57.
The new legislation has been discussed since 2014 when the idea was tabled leaving many in the industry wondering if or when this will come back around. Last month however, this was confirmed in a parliamentary meeting, citing the new rules will start in 2028 and that these rules are 'reflecting trends in longevity and encouraging individuals to remain in work, while also helping to ensure pension savings provide for later life.
This means if you were born in 1973 or 1974 you'll have to wait another 2 years until you can access your pensions, SIPPs, QROPS.
In recent years the UK government have come under scrutiny for how they handled the state pension age increases for women (raising this from age 60 to 65), not enough advance notice was given to save the additional approx £40,000 that they'd be out of pocket from this change.
In an industry that is already fraught with regular changes leading to a lack of understanding and confidence across the public, the UK government must now communicate at scale to make the public aware of this change so they can appropriately plan around this new rule.
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