Retirement change

Pension freedom age will rise from 55 to 57

Keep saving: pension age is changing

Those who are now in their 40s will have to wait an extra two years before they can access their private pension.

The government has confirmed the age threshold will increase from 55 to 57 in 2028.

Under current pension freedom rules, which were introduced in 2015, individuals aged 55 and over can choose how and when they can access their savings.

The government first indicated its intention to increase the threshold back in 2014 and in an answer to a parliamentary question on 3 September said it will legislate for the pension freedom age hike “in due course”.

Steven Cameron, pensions director at Aegon, said: “This latest announcement confirms the change will happen meaning those retiring in future will have to wait longer to access their pension. 

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