Pension age set to rise

The minimum pension age is set to increase to 57 in 2028, following the publication of a government consultation.

Currently, retirement funds can be accessed when people reach 55, but the government feels the time is now right for a two-year increase. It is being argued that increases in longevity and changes in the expectations of how long we will all work and be in retirement are behind the move.

The change will also keep a 10-year gap between the time you can access your private pension and the state pension age.

There will, says the consultation, be groups exempted from the proposals – among them firefighters, police and the armed forces, and public service pension schemes.

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