Planning to retire at 55? Don’t leave it too long! HM Treasury has confirmed the government’s intention to raise the normal minimum pension age from 55 to 57 in April 2028.

The government is devising a “protection regime”, however, to ensure members of some pension schemes retain their current rights.

In its consultation document, the government said increasing the minimum pension age reflects “increases in longevity and changing expectations of how long people will remain in work and in retirement”.

Schemes will be afforded the right to choose how to implement the rise so long as it is accomplished by April 2028. They may act before then if they so wish.

This change, which is intended to maintain the 10-year gap between the age at which people can access their state and private pensions, was welcomed by the industry, though there are misgivings about the logistics of implementing it. The proposal for a “protection regime”, now the subject of an open consultation, may see existing scheme members retain their right to access their pensions at 55, while those who become members of schemes after the date of the consultation will be subject to the updated rules.

Due to their special circumstances, members of the police, firefighters and the armed services will not have the age increase applied to their schemes.

If you are concerned this change may affect you, please speak to a member of the Brooks Wealth team.

At Brooks Wealth, we will help steer you through the minefield of pension planning and retirement saving, by offering an informed and impartial pension advice service. Contact us today to make an appointment to see how we can help you.

For help with Pensions, Investment and Savings and Financial Planning, give us call us on 01733 314553 or email us at info@brookswealth.co.uk.