"Private pension age to rise to 57 from 55..."

[dutchman]

...as millions in their 40s wait longer to access cash



MILLIONS of people in their forties will have to wait an extra two years to access private pension funds.

The government has today confirmed workers will have to wait until they're 57 to access savings from 2028, up from the current age of 55.

The increase was initially announced in 2014, but as it hasn't yet been legislated for it led to uncertainty over whether it would still take place, while some called for an even steeper increase earlier this year.

But economic secretary to the Treasury, John Glen, has confirmed the plans will still go ahead.

The prospective age rise applies to private pensions, which includes most defined contribution (DC) and defined benefit (DB) workplace schemes, as well as personal or stakeholder pensions.

It's thought 860,000 people currently aged between 46 and 47 will be hardest hit as they'll turn 55 in 2028.

Millions more younger workers will also be affected but it's unlikely they'll have had plans in place to access their pensions so soon.

Since the so-called pension freedom changes took force in April 2015 workers have been able to take 25% of their pension as a tax-free lump sum for the first time.

The idea was to allow people more choice over what to do with their pension, rather than taking often poor value annuities.

In a written ministerial statement Mr Glen said: "In 2014 the government announced it would increase the minimum pension age to 57 from 2028, reflecting trends in longevity and encouraging individuals to remain in work, while also helping to ensure pension savings provide for later life.

"That announcement set out the timetable for this change well in advance to enable people to make financial plans and will be legislated for in due course."

Steven Cameron, pensions director at Aegon, added: "This latest announcement confirms the change will happen meaning those retiring in future will have to wait longer to access their pension.

"It will be particularly impactful on those who were due to reach their 55th birthday just after the cut off, sometime in 2028."

Mr Cameron adds that it's "imperative" this change is now communicated to savers to avoid a repeat of a situation that's left many women finding out too late that their state pension age was increasing from 60 to 66.

[rebbonk]

It's your money and they are applying ever more restrictions on you accessing it.

Wherever there is money, people are going to screw you over. Makes you wonder why you ever bother to try to look after yourself!

[Melisandre]

Thats if you behave your self you will have any money at all with the cashless society being bought in .

Fast forward to 12 .15 on this 18 minute speach in Germany made last week by Robert Kennedy Junior and he is nt the only one saying the same thing. Take note this is gobally happening.

[dutchman]

Savers may have to reach 60 to tap their pension pot in future



Hard-up workers could end up only being able to access their pension pot cash from the age of 60 in future, experts have told This is Money.

On Thursday, the Government confirmed that from 2028 the age at which people can access their pension money will rise from 55 to 57.

This means anyone currently 47 or under will have to wait an extra two years before they can hold of their hard-earned pension savings from previous jobs.

Speaking to This is Money, Moira O'Neill, head of personal finance at Interactive Investor, said it was 'perfectly possible' that the private pension age could rise to 60 if the state pension age climbs to age 70.

The increase in pension freedom age to 57 is designed to keep it ten years below the state pension age, which increases to 67 by 2028.

Steven Cameron, pensions director at Aegon told This is Money: 'The Government has indicated it may increase the state pension age to 68 between 2037 and 2039 although this isn’t set in stone and is likely to be reviewed alongside improvements in life expectancy.

'But it’s reasonable to assume any further increases in state pension age will also mean increases in pension freedom age. This is more likely than an early increase to age 60 which would have a greater impact on the retirement plans of a larger group of people.'

Gary Smith, a financial planner at Tilney Group, said an increase from 57 to 60 for pension pot access in future was 'inevitable.'

If the age for pension freedoms is increased to 60 in future, it will be in line with the current age threshold for being able to access cash from a Lifetime Isa.

[rebbonk]

It's all smoke and mirrors.

Statistically, length of life has increased but you need to look behind the headline figures. The increase is largely due to the reduction in child mortality and, to a lesser extent, early adult life deaths. This actually increases the chancellor's take. Add in all these wonderfully skilled and contributing immigrants we're taking in and you start to question why pension age is rising.

As per usual, the great British public is having the wool pulled over its eyes by lying politicians.