Private pension increase from 55 in 2028?

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  • zagfles
    zagfles Posts: 20,323 Forumite
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    dessie360 wrote: »
    As one of the minority who could be affected by this (I'm in the zone of hitting 55 in Nov 2027 and currently eating through savings scheduled to last me until then) - I've been eagerly scanning for updates in yesterday's Budget. Nothing to be found regarding private pension age increase, which is good news, right? Or am I naive to think it would be linked to The Budget and could drop as new legislation at any time? Thoughts?
    They don't announce things which have already been announced, unless they are changing them.
  • MK62
    MK62 Posts: 1,448 Forumite
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    zagfles wrote: »
    They don't announce things which have already been announced, unless they are changing them.


    Unless it's extra funding.....;)
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    https://www.gov.uk/government/news/proposed-new-timetable-for-state-pension-age-increases

    From 2017
  • zagfles
    zagfles Posts: 20,323 Forumite
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    veryintrigued wrote: »
    https://www.gov.uk/government/news/proposed-new-timetable-for-state-pension-age-increases

    From 2017
    This thread is about the age at which you can private pensions, not the state pension.
  • MoneyGeoff
    MoneyGeoff Posts: 256 Forumite
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    I saw that HL have started stating in their documentation that the age to access their SIPP is increasing to 57.

    I asked support about it, saying that I don't think it's strictly true to say that because there is no legislation yet. Their reply was:
    I can confirm that the minimum age at which you can access the funds in your pension is increasing from 55 to 57 from 2028.

    The reason for this increase to the pensionable age is due to the increase to the minimum state pension age. There is no exact date set for this currently, though it is fixed for the year 2028.
  • Slinky
    Slinky Posts: 9,988 Forumite
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    I posted about this a couple of weeks back. I've had recent paperwork from Scottish Widows/Clerical Medical who say 'It is expected that, with effect from 6th April 2028, the minimum age from which you can normally take your pension benefits will increase from 55 to 57. Thereafter it is expected that the minimum age will be no more than 10 years before your state pension age.'
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  • Paul_Herring
    Paul_Herring Posts: 7,481 Forumite
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    "There is no exact date for it, but the date is..."

    That doesn't even make sense. Have you asked them for a specific link from a government website to back up their assertion?
    Conjugating the verb 'to be":
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  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    The Treasury have confirmed that the age increase is still coming even though the legislation has not yet been put in place.

    They published that last summer.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Malthusian
    Malthusian Posts: 10,944 Forumite
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    Paul_Herring wrote: »
    "There is no exact date for it, but the date is..."

    That doesn't even make sense.

    No it doesn't but that wasn't they said, even though you put it in double quotation marks.

    They said "There is no exact date set for this currently, though it is fixed for the year 2028." "Fixed" here is used in the sense of "scheduled", as in "We've fixed Saturday 6th June for Aunt Ethel's 80th birthday celebration."

    HL's statement is correct. The pension age increase is scheduled to take place in 2028. This has recently been reaffirmed. No political party is campaigning to change this and there is no other reason to think this might change. The fact that no legislation has yet been put in place yet is irrelevant as there has been and remains no need to put any legislation in place. There are 9 years left to do the parliamentary paperwork and plenty of more pressing matters to process in the meantime.
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    Paul_Herring wrote: »
    "There is no exact date for it, but the date is..."

    That doesn't even make sense. Have you asked them for a specific link from a government website to back up their assertion?

    It makes a little sense to me.

    Aren't they trying to say.that the change will be made in 2028 but dont know WHEN in 2028.

    It's back to my OP.
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