PENSIONS - 06.10.2020

Pension access delayed

An important diary date. The government has confirmed previous indications that the age at which individuals will be allowed to access their private pension savings will be raised. In 2028, presumably from 6 April of that year, you’ll only be able take benefits from your pension savings if you are 57 or older. Until then the age requirement is 55. The government said the announcement was being made now “to enable people to make financial plans” .

Pension planning. The change might be especially important if you were born between 6 April 1971 and 5 April 1973 inclusive. You’ll have a relatively short window of time between your 55th birthday and 5 April 2028 in which to decide whether to take any of your pension savings or wait up to another two years.

The age at which you’ll be allowed to access your private pension savings will rise to 57 from April 2028. Until then the age requirement will continue to be 55.

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