Little-known pension rule change to sting workers aiming for early retirement

A little-known pension rule could hit 100,000 unsuspecting workers planning their retirement in the coming years. The state pension age is due to increase to 67 in 2028, but the lesser-known rule of the “normal minimum pension age” will also rise from 55 to 57. 

This means that most workers who want to access their pension flexibly will have to wait a further two years before they can use their nest egg without facing huge tax charges. 

Around 100,000 workers looking to retire early could be affected. Once the state pension age rises to 67 and the normal minimum pension age rises to 57, people in this situation will have to wait up to two years longer to access their money. This could be a particular problem for those in hardship or facing cost of living pressures for whom accessing a small pension pot could be a useful source of financial flexibility.

If you want to discuss your state pension, please don’t hesitate to contact us by calling 0115 928 3228 or email info@coalesco.co.uk.

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