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Access to pension at 55 - mitigating against govt min age changes

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  • Scarum
    Scarum Posts: 111 Forumite
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    legLogan72 said:
    Why is there not a tapered/staggered introduction of this?  The 55-57 overnight change (which could soon be 55-58).  

    It seems to be a cliff edge and for the sake of being born a minute later than another person, someone who is thinking about retirement with their peers has to wait two years (possibly three) 'because tomorrow comes'??  I'm so surprised that I haven't seen Martin talk more about this.  Have I got this wrong?

    Forgive me if I have but 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 (likely three) before she can do the same.  To all intents we are the same age but one is being unfairly discriminated against in the most maximum of ways.

    Also, I've seen that 'anyone born after 6 April 1971' is affected?  What is the relevance of this birth date in relation to being 55 before 6 april 2028?  I was born in 1972 but am 55 before 6 april 2028?

    Very grateful for assistance.

    I’m pretty sure the change from 55 to 57 was first announced over ten years ago.

    Plenty of time for you to plan for this surely?
    Exactly.  It was proposed by George Osbourne along with the Pension Freedom Act in his 2014 budget (anyone got a Lamborghini yet?)  It took several years to go through Houses before being made law in 2022 (the NMPA bit).
  • Marcon
    Marcon Posts: 14,475 Forumite
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    Logan72 said:

    Forgive me if I have but 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 (likely three) before she can do the same.  To all intents we are the same age but one is being unfairly discriminated against in the most maximum of ways.



    There are plenty of other, far more 'maximum' ways to discriminate.

    But you're right. You are being discriminated against by being allowed to take money intended to fund your old age when you are only 55, meaning you might need to fall back on state benefits or simply live in poverty.

    Happily your wife has a much better chance of her cash holding out, given that she has the protection of being unable to access it until 57, so with luck she'll ensure the pair of you avoid a call on the public purse because you've been permitted to splash the cash far too young.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • QrizB
    QrizB Posts: 18,295 Forumite
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    Logan72 said:
    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 years (likely three) before she can do the same.
    As other people have already pointed out, you've had eleven years to plan for this. 
    What specifically makes you think your wife will need to wait three years? Is she a deep-cover spy with a false life history and is really a year younger than she claims?
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  • barnstar2077
    barnstar2077 Posts: 1,650 Forumite
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    It has been well broadcast, the trouble is you don't know what they are going to do next!

    While I have been putting money aside to get me to 57 I don't know if that is going to become 58+ before I get there.

    The average person has been living longer for quite some time, the state pension becoming increasingly larger as a percentage of the government's expenses should be pretty predictable, and yet changes are not being made early enough.
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  • Ibrahim5
    Ibrahim5 Posts: 1,271 Forumite
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    Surely if there was any change to the pension rules anyone affected would receive an individual letter from the government.
  • doodling
    doodling Posts: 1,274 Forumite
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    Hi,
    Logan72 said:
    Also, I've seen that 'anyone born after 6 April 1971' is affected?  What is the relevance of this birth date in relation to being 55 before 6 april 2028?  I was born in 1972 but am 55 before 6 april 2028?
    To answer this specific question, it is possible for those born in the two years after 6th April 1971 to get access to their pension when they reach 55, lose that access when the change to 57 comes in on 6th April 2028 and then regain it when they reach 57.  That will only apply to pensions where there isn't any unfettered right to take it at 55 but that is many (most?) defined contribution arrangements.

    I'm sure this will catch a number of people out.
  • warrenb
    warrenb Posts: 180 Forumite
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    edited 28 July at 3:46PM
    We are already planning for it, although my wife is 55, 2 weeks before the April 6th flip over point, the way pension companies take their time organising anything, we have been putting money aside to get us through the 2 years. Also the issue of can she claim her pension for 2 weeks then wait another 2 years before claiming again, this still has not been answered.
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  • artyboy
    artyboy Posts: 1,610 Forumite
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    edited 28 July at 11:23PM
    Logan72 said:
    Why is there not a tapered/staggered introduction of this?  The 55-57 overnight change (which could soon be 55-58).  

    It seems to be a cliff edge and for the sake of being born a minute later than another person, someone who is thinking about retirement with their peers has to wait two years (possibly three) 'because tomorrow comes'??  I'm so surprised that I haven't seen Martin talk more about this.  Have I got this wrong?

    Forgive me if I have but 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 (likely three) before she can do the same.  To all intents we are the same age but one is being unfairly discriminated against in the most maximum of ways.

    Also, I've seen that 'anyone born after 6 April 1971' is affected?  What is the relevance of this birth date in relation to being 55 before 6 april 2028?  I was born in 1972 but am 55 before 6 april 2028?

    Very grateful for assistance.

    I missed out by a few days too.

    And whilst it's not something I would have chosen, the difference is that I paid attention to the (copious) information that was published on the subject and planned accordingly.

    Yes the whole transition thing is a mess, but what else would you expect...
  • Filo25
    Filo25 Posts: 2,140 Forumite
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    I'll be one of those who can access at 55, and then will lose access the following April. Wasn't really a big issue, until suddenly it looked like my job is likely disappearing around that time, and I'm not at an age where I'm likely to find it easy to replace it
  • Marcon
    Marcon Posts: 14,475 Forumite
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    Filo25 said:
    I'll be one of those who can access at 55, and then will lose access the following April. Wasn't really a big issue, until suddenly it looked like my job is likely disappearing around that time, and I'm not at an age where I'm likely to find it easy to replace it
    ...but that would also mean you won't have an opportunity to replace any pension savings you access so early on in life (one of the few times '55' counts as 'young'!)...
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
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