Pension Early Retirement Age Change Reminder
Published / Last Updated on 25/03/2021
Many will already be aware that the State Pension Age is due to increase as follows:
- Between October 2018 and October 2020, both men and women's State Pension Age increased to age 66
- Between 2026 and 2028, it will rise to age 67
- Between 2037 and 2039 it will rise to age 68
What many people do not realise is the early retirement age for private and company pensions is usually 10 years before state pension age. E.g. When state pension age was 65, early retirement on private pensions was and still is age 55.
With the changes to state pension ages already confirmed, the government has now confirmed that between April 2026 through to April 2028, the earliest retirement age for private and company pensions with be increased from age 55 to age 57.
Anyone born before 6th April 1971 will be exempt from such changes as they will be able to still access their pensions at age 55. This will then gradually increase so that:
Anyone born after 6th April 1973 will then only be able access their private and company pensions at age 57.
Many people will have planned to retire at age 55 and now, your plans may need to change.
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