The government today confirmed that workers will have to wait until they are 57 to access personal pensions from 2028. Currently, the age at which a person can do so is 55.
In a written statement, Mr Glen said: “In 2014, the government announced that it would raise the minimum retirement age to 57 from 2028, reflecting longevity trends and encouraging individuals to staying active, while helping to ensure that retirement savings will allow them to live later.
“This announcement set the timeline for this change well in advance to allow people to make financial plans and will be legislated in due course. ”
READ MORE: How to Check Your Retirement Age Before This Week’s Increase
Steven Cameron, director of pensions at Aegon, commented on the government’s confirmation that the free retirement age is set to rise from 55 to 57 in 2028.
He said: “The government has confirmed that it will increase the age at which people can access their pensions.
“Currently, within the framework of extremely popular pension freedoms, individuals can access their pension from the age of 55. This should rise to 57 years from 2028.
“The government indicated in 2014 its intention to do so, but did not include any provisions in the legislation, which led to uncertainty as to whether the change was still planned.
“This latest announcement confirms that the change will happen, which means people who retire in the future will have to wait longer to access their pensions.
“This will have a particular impact on those who were due to reach their 55th birthday right after the blackout, sometime in 2028.
“It is now imperative that government and industry make sure this change is clear to all those saving their pensions.
“We cannot afford to repeat the government communication gaps that have left many women discovering too late that the retirement age has dropped from 60 to 65.”
However, the changes foreseen by the Pensions Act 1995 were accelerated by the Pensions Act 2011.
This meant that the retirement age parity between men and women was reached in November 2018, before further changes.
For those who wish to check their retirement age, it is possible to do so online.
The “Check the age of your state pension” tool is available through the government website.