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.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.