1971 has proved itself to be a significant year when it comes to pension planning. It was already known that those born in 1971 will be eligible to retire and access the state pension from the age of 67 onwards. What is also now clear is that these individuals will be unable to access private pension funds until the age of 57 (up from 55). This is the first time in which a 10 year gap will exist between being able to draw on private pension funds and the official retirement age. The decade gap will thereafter remain between early retirement age, and normal retirement age. So, for example, younger workers, not eligible for a state pension until they reach the age of 70, will have to wait to access a private pension until they reach the age of 60.
To consider your pension planning, in the light of the rising pension age, please do get in touch. We are here to help.