Changes to State Pension

The government has announced new proposals for increasing State Pension age. For women, State Pension age will increase to 65 more quickly between April 2016 and November 2018 and from December 2018 it will start to increase to reach 66 by April 2020 for both men and women. These proposals will not affect women born before 6 April 1953 and men born before 6 December 1953. Further changes, increasing the age again from 66 to 68 are being considered.

Our comment: income from pensions can be taken from age 55 in most cases and pensions have become very flexible in allowing retirement to be phased over a number of years.  So while the increase in the state pension age is not great news, with the correct planning, it should still be possible to retire or at least reduce your working week at an age that suits you.  If you would like some more information about retirement options, please give us a call.

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