How would a higher minimum pension age change retirement planning?

Govt consulting on raising age to 57

clock • 4 min read

The government is currently consulting on raising the age whereby people can access their pensions, increasing it from 55 to 57 years old. Jon Yarker talks to a handful of financial advisers about how such a change could alter retirement planning...

In its consultation, the Treasury said raising the minimum pension age to 57 could "encourage individuals to save longer for their retirement" and help ensure people have financial security in later life. The two year increase would be made to reflect changes in longevity and expectations around how long people can be expected to continue working. On a day-to-day basis for advisers, could this impact retirement planning? In his career, Lyndhurst Financial Management financial adviser James Wyman has often found clients will access their pension at the first instance to unlock tax-free...

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