Increase to Minimum Pension age from 55 to 57 on 6th April 2028

Paul_Herring

Is there a tapered/staggered introduction?  The 55-57 overnight change could now soon be 55-58?

No, there'll be no taper, and it'll be cliff edge.

I am 55 weeks BEFORE 6 april 2028 and intend to access my private pension and retire. 

You may want to double check that they'll allow you to withdraw between April 6th 2028 and your 57th birthday, even if you've started withdrawing before then.

Silvertabby

Paul_Herring said:

Is there a tapered/staggered introduction?  The 55-57 overnight change could now soon be 55-58?

No, there'll be no taper, and it'll be cliff edge.

I am 55 weeks BEFORE 6 april 2028 and intend to access my private pension and retire. 

You may want to double check that they'll allow you to withdraw between April 6th 2028 and your 57th birthday, even if you've started withdrawing before then.

Do you mean drawdown withdrawals?  I can see that being a possibility.  I certainly don't recall any existing DB or annuity pension payments being stopped when the minimum age increased from 50 to 55 in 2010.  

No taper then, even though the overnight jump was 5 years.

Paul_Herring

Has that even been suggested?

Well when I queried it with Vanguard, I struggled to get a straight answer from them when I directly asked them about that exact question. (I'd be affected, if so.)

Aylesbury_Duck

Logan72 said:

Is there anymore on this?

Is there a tapered/staggered introduction?  The 55-57 overnight change could now soon be 55-58?

I am 55 weeks BEFORE 6 april 2028 and intend to access my private pension and retire.  My wife is 55, days AFTER 6 april 2028 and intended the same - she/we now have to wait two tears (could be three) before she can do the same.  To all intents we are the same age but one is being unfairly discriminated against?

Very grateful for anything further.

But you're not, though.  Not for a few weeks each year.  Having been around the sun 52 times you should have worked out how ages work by now.

I'm in the same position as your wife.  I don't feel discriminated against.  I might consider myself a little unlucky that I've fallen one side of an arbitrary line, but the same is true in many other walks of life and you just have to deal with it.  A talented young sportsperson who doesn't quite qualify for a particular age category,  a child in the "wrong" year of schooling by a few days, and so on.

Presumably, having known about this situation for a long time, you've planned accordingly?  If the decision to both retire is that marginal that two years difference for one of you to access your pension is a problem, I suspect your financial plan wasn't a good one in any case.