Gov't Confirms Pension Access Age Set To Rise To 57

Law360, London (September 4, 2020, 12:31 PM BST) -- Long-term savers in the U.K. could have to wait an extra two years before they can get their hands on their retirement funds, as the government plans to lift the pensions freedom age from 55 to 57.

Economic Secretary to the Treasury John Glen said in a written response to a question from a parliamentary committee that the administration would prepare legislation on the changes "in due course."

Under existing arrangements savers can take a lump sum cash payment from their pension pots when they reach the age of 55, making use of freedoms introduced in 2015.

According to statistics released...

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