The government has confirmed the minimum age at which individuals in the UK can access their private pension will increase to 57 in 2028.

Savers who pay into a personal pension directly or one arranged through their workplace, can currently access their money at 55. The move means that those retiring in the future will have to wait an extra couple of years to access their pension. The government had indicated six years ago that they intended to do this, due to increasing life expectancy, but finally provided confirmation of their plans in early September. The change will aff ect workers currently aged 47 and under. Although not great news for those planning to stop work well before the average 64-65, at least the government have provided advance warning and the extra two years will give people longer to put more into their pension – some silver linings.

It is important to take professional advice before making any decision relating to your personal finances. Information within this page is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.

Tax and Estate planning are not regulated by the Financial Conduct Authority

The value of pensions and investments can fall as well as rise. You may get back less than you invested.

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