Pensions

Treasury written question – answered on 3rd September 2020.

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Photo of Stephen Timms Stephen Timms Chair, Work and Pensions Committee, Chair, Work and Pensions Committee

To ask the Chancellor of the Exchequer, what plans he has to increase the minimum age at which people can access their private pension under the tax rules; and if he will make a statement

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

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.

That announcement set out the timetable for this change well in advance to enable people to make financial plans and will be legislated for in due course.

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