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News ID: 47747
Publish Date: 16:16 - 05 September 2020
Saturday, 05 September 2020_The government announcement that the minimum age for drawing a personal pension in the UK is to rise to 57 in 2028 is viewed as a ‘kick in the teeth’ during the ongoing coronavirus crisis.

Increase from 55 to 57 described as ‘kick in the teeth’ during COVID-19 crisisThose who pay into a personal pension plan, either directly or arranged through their workplace, can currently access their money at 55, but in 2014 the government announced plans to raise the age due to increased life expectancy.

The change has yet to be brought into law, however, the Treasury minister, John Glen, has confirmed that there are still plans for legislation.

“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,” he said in answer to a parliamentary question.

Those who pay into a personal pension plan, either directly or arranged through their workplace, can currently access their money at 55, but in 2014 the government announced plans to raise the age due to increased life expectancy.

The change has yet to be brought into law, however, the Treasury minister, John Glen, has confirmed that there are still plans for legislation.

“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,” he said in answer to a parliamentary question.

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