The UK will have to increase the state pension age to 71 by 2050 to maintain the number of workers per retiree, according to a new report from the International Longevity Centre UK.
Six in ten 50-year-old workers say they are worried about the upcoming rise in the minimum pension age, according to a new study.
The Resolution Foundation has urged Chancellor Jeremy Hunt to use next month's Budget to raise the age at which people can access tax-free private pension wealth.
Newspaper reports suggesting that the State Pension Age (SPA) could rise to 68 sooner than planned are an example of the Prime Minister “playing with political fire,” according to one pension expert.
In the space of 24 hours earlier this month we had two new pieces of legislation which impact pension transfers. The fireworks started early on the anniversary of the discovery of the gunpowder plot, with the publication of the Finance Bill (No. 2) which includes the new rules on changes to normal minimum pension age (NMPA). Bonfire Night itself caused less of a bang with the introduction of the new rules on the statutory right to transfer.
The decision to raise the normal minimum pension age (NMPA) from 55 to 57 was announced back in 2014 at the same time as Pension Freedoms. Clearly this wasn’t the big headline at the time but now we have draft legislation we are seeing news stories as some of the complexities of how the change is being implemented come to light.
The take up of Pension Wise appointments remains stubbornly low and the FCA’s recent paper “The stronger nudge to pensions guidance” is the latest in a line of initiatives designed to increase take-up.
This month we celebrate 15 years since pension simplification was introduced – Happy Crystal Anniversary all!
The Treasury recently released its consultation paper on how the increase in normal minimum pension age (NMPA) is implemented. We have known for several years that the increase from age 55 to 57 was planned to take effect from 6 April 2028, so there is no surprise in the increase itself.