Change in minimum pension age

Are you looking forward to 50th birthday celebrations over the next few years?

It has now been confirmed the minimum age to access your pension funds will rise from 55 to 57 from 6th April 2028. Therefore, if you were born after 6th April 1971, you will need to look at how this might impact your retirement plans and how you can take tax free cash and/or income from your pension arrangements.

This change has been mooted for some time and has now been confirmed by the Treasury that it will be implemented. There is some detail to be consulted and approved with the transition arrangements, however, now is the time to act!

With longevity of life over the UK population having extended over recent years, to retire in your mid-50s is an aspiration for many rather than a reality. However, part of the financial planning process we engage with our clients does mean that access to pensions is an important consideration, maybe for events such as:

• to assist with higher level education of your children

• making a lump sum payment to reduce a mortgage

• pooling household retirement assets for efficient income planning where it is your spouse affected

For anyone born in 1973 or later, this means deferring any consideration of the pension in your plans for a further two years.

How can Prosperis help?

Our team of advisers have the experience and tools at their disposal to review and allow you to plan ahead in order to assist in identifying how to align your savings strategy going forward.

Looking ahead we look forward to seeing more of our clients new & old face-to-face, but, in the meantime, we can use all the technology at our disposal to start collaborating with you in reviewing your circumstances now.

Call us now on 01423 223640 or email us below.