Ditch complex rise in normal minimum pension age - Quilter

'Unintended complexity'

James Phillips
clock • 2 min read

Plans to increase the normal minimum pension age (NMPA) to 57 should be annulled, or transitional protections removed, amid “scant evidence” to support the decision, says Quilter.

Coupled with "unintended complexity" that could arise when dealing with small pots, head of retirement policy Jon Greer said the potential policy is ill-thought-through and could leave savers stranded in expensive schemes. The government announced in February it would increase the age at which people can access their private pension savings, from 55 to 57, bringing it back to a decade earlier than the state pension age, which was the coalition government's initial policy. The move is designed to reflect increases in longevity and the view that people will remain in work for longer, wi...

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James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

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