Min private pension age increase

The government has confirmed the minimum private pension age will increase from 55 to 57 in 2028.

It announced the increase back in 2014 but did not include provisions in legislation for it to be implemented.

MP Stephen Timms, who heads the work and pensions select committee, asked about the government’s plans regarding the increase in parliament.

Responding to the question, economic secretary to the Treasury John Glen said: “In 2014 the government announced it would increase the minimum pension age to 57 from 2028, reflecting trends in longevity and encouraging individuals to remain in work, while also helping to ensure pension savings provide for later life.”

It is of course debatable whether most people would have built up enough pensions and investments to retire by age 57 anyway given that the current life expectancy of the average 57 year old is to age 84 (males) and 87 (females).

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