Warning for one million people born in early 1970s who could face extra wait for pension due to ‘bizarre q...

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What are the different types of pensions? (1)

MORE THAN one million people between the ages of 51 and 53 could face an extra wait for their pension due to a "bizarre quirk".This is the earliest age at which you are allowed to access your retirement savings from a workplace or personal pension and is currently 55.

This means that anyone who was born after April 5, 1973 will have the earliest date they can access their benefits delayed by two years. Some pension scheme members have a "protected pension age", which means they will keep the right to take their pension at 55 if they want to.But the vast majority of workplace scheme rules tend to say that you can start using your savings in line with whatever age the government says.

 

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