68% of UK adults unaware of plans to increase minimum pension access age

Sixty-eight per cent of adults in the UK are unaware of the government’s planned change to the age that people can access their state pension, new research from Aegon has revealed.

The government is increasing the age that someone can access their pension from 55 to 57 in 2028.

Aegon said its latest research highlights a “significant lack of awareness” of this change which could have further impacts for those planning ahead to access their pensions. The research showed that transitional proposals, allowing individuals to keep their access age at 55 in their current scheme but lose it on moving to a new scheme, could discourage people from transferring to better value pensions.

According to the findings, based on a survey among 945 respondents, 44% of adults aged between 35 and 54 would be put off moving to a better value scheme if “staying put” allowed them to keep the age 55 minimum access age.

Aegon pensions director, Steven Cameron, commented: “The government’s intention behind increasing the normal minimum pension age from 55 to 57 is to encourage more people to work longer and to save sufficiently for retirement. As people on average are living longer, this has merit, but people need to know about the change well in advance.

“Although the number of people who access their pension at age 55 is relatively small, any increase to the minimum age must be communicated widely and well in advance of April 2028, so that people who are planning ahead aren’t left disappointed.

“The research shows that most people are unaware of the change and it’s something both government and the pensions industry needs to highlight without delay.”

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