Raise age of taking pension to 57

Highlander1966

With the Gov budget shortly I have seen in the press that the Chancellor may look to raise the age of pension lockdown to 57.
I am hoping to take part of mine next April at age 55 and concerned it may change soon.
Any idea of when date would possibly change,I know it was in 2014 budget for 2028

MK62

They might lockstep it in line with the rise in state pension age....minus 10 years.......or they may wait until the switch to 67 is complete and then move it. Personally I doubt they'd move it from 55 to 57 before next April.....that would throw far too many people's plans into disarray......

Highlander1966

Thanks for your reply 👍

Mick70

it will definitely happen at some stage but Im sure there will be few years notice 

dunstonh

With the Gov budget shortly I have seen in the press that the Chancellor may look to raise the age of pension lockdown to 57.
No.  That is incorrect.   The increase to age 57 (and then linking to 10 years less than state pension age) was a 2014 budget change.    The treasury has repeatedly said over the years since then that despite it not appearing in a Finance Act, it will be happening.

The current Chancellor may reverse it but he would not the one looking to increase it as that has already happened.

What seems to have happened is that certain parts of the media have decided to take the usual Treasury statement on this subject and present it as a new budget announcement.

Mabellita

I’m worried about this too as I was planning on taking one of my pensions this April!  Surely everyone will get some notice of this change from 55 to 57 ?? 

kuratowski

It was announced in 2014 - that's six years ago.

Edit: And it currently isn't expected to take effect until 2028.  Unless the Chancellor says differently in the budget.

dunstonh

Mabellita said:

I’m worried about this too as I was planning on taking one of my pensions this April!  Surely everyone will get some notice of this change from 55 to 57 ?? 

You mean like how it was announced in the 2014 budget and still has another 8 years to be implemented?

Mabellita

I was just concerned that the budget could mean it is brought forward with immediate effect, instead of being phased in. But I suppose they won’t do that as there would be an uproar from people assuming they could get it in the next few years.  Suppose I’m just panicking but I really do need the money in April following a change in circumstances.  

dunstonh

I was just concerned that the budget could mean it is brought forward with immediate effect, instead of being phased in
Nearly anything can change in a budget.   In the lead up to a budget, the media go stupid with their articles.

But I suppose they won’t do that as there would be an uproar from people assuming they could get it in the next few years. 
They also dont need to bring it forward 8 years.  It would reduce tax to the treasury at a time when they could do with it.   A change of this level would require notice as providers could not change overnight.  And applications in process would need to complete.   It's just not appearing on any radar apart from some poor quality newspaper articles.

Dox

Not much point posting here; all you'll get is speculation, some likely to be accurate, some not. You certainly won't get a definite answer. Only when we hear the budget itself will we know what is intended - and even then it may still not happen. That said, the chances of the relevant legislation being enacted in time to take effect next month...can't see it myself!