Government to fix private pension access age at 55

Background

Private pensions have historically been accessible from 55. In light of rising retirement ages, the Government must remove the 10-year link to retirement age and permanently fix the minimum access age at 55. We believe that requiring long-term investment while postponing access is unreasonable.

Additional details

Pension planning is inherently long term and becomes increasingly difficult when access age rules are repeatedly changed. We feel that, if private pensions can only be accessed later in life, they become a less attractive investment. This uncertainty may discourage people from investing, particularly if access is pushed beyond age 60 in the future.

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