Govt change private pension access age

[denislawsbackheel]

FT story:

In July, the Treasury confirmed plans to increase this “normal minimum pension age” for defined contribution schemes from 55 to 57 from April 2028 ... With most private sector schemes not having a stated pension age of 55 written into their rules, savers in these schemes would see their pension age rise in line with the government’s reform.

The Treasury initially proposed giving these savers until April 2023 to transfer their funds to a pension plan which had an access age of 55 written into its rules. The move was welcomed by some financial advisers with clients not wanting to wait an extra two years to access their pensions ... In a dramatic U-turn announced on Thursday, the Treasury revealed that it had closed the transfer window overnight.

The Association of British Insurers, which represents pensions providers, estimates several million savers will no longer be able to take advantage of the window to transfer their pensions.

https://www.ft.com/content/2a6ee87e-d330-4c12-adad-cc6dcd345673

 

[Paladin]

I transferred my DB pension into a SIPP two years ago and retired at 58. My SIPP is now worth more than I originally invested. In other words, I'm living on less than the investment growth.

A great decision, and thanks to a BlueMoon for pointing me in the right direction.

 

[denislawsbackheel]

Great news but not relevant to the original post.

 

[hilts]

I transferred my DB pension into a SIPP two years ago and retired at 58. My SIPP is now worth more than I originally invested. In other words, I'm living on less than the investment growth.

A great decision, and thanks to a BlueMoon for pointing me in the right direction.

Any chance of sending a tenner my way, I will give it back when I retire at 97:-)

 

[worsleyweb]

Think working another couple of years would be good for most people. 55 a bit too young in my opinion. My dad went downhill after he retired.

 

[MCFC1993]

Think working another couple of years would be good for most people. 55 a bit too young in my opinion. My dad went downhill after he retired.

Not necessarily.

Some people have been planning from their 20's on how to save and invest with a focus on early retirement. Retiring whilst your fit enough to do everything is much more important in my opinion.

 

[Paladin]

Great news but not relevant to the original post.

Try and get a SIPP. Note, I am not qualified to give financial advice.

 

[denislawsbackheel]

Try and get a SIPP. Note, I am not qualified to give financial advice.

I don’t need to.
I took my pension at 52 due to ill health.
Fully enhanced as if I’d gone at 60.
Index linked
Wife gets 50% when I die.
Absolute guaranteed security.

 

[blue b4 the moon]

Not necessarily.

Some people have been planning from their 20's how to save and invest with a focus on early retirement. Retiring whilst your fit enough to do everything is much more important in my opinion.

Dead right I got out at 51, right place right time with my full Occ-Pen.

The last 7 years have flown by, don't know how I had time for work, never once sat down and thought hmmm what should I do now I'm bored.

Still wake up at 05.30 which was my alarm time but instead of scraping the ice from the car I have a brew in bed and listen to others outside.

All that being said there's no right/wrong answer. if you're happy within yourself do what's right for you.

 

[worsleyweb]

I don’t need to.
I took my pension at 52 due to ill health.
Fully enhanced as if I’d gone at 60.
Index linked
Wife gets 50% when I die.
Absolute guaranteed security.

public sector?