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Savers can beat pension pot age hike from 55 to 57 thanks to loophole

Savers can beat plans to hike the age they can get their hands on their work pension pot thanks to loophole

A loophole means savers can still beat government plans to hike the age they can get their hands on their pension pot.

HM Revenue & Customs yesterday confirmed that the minimum age at which a saver will be able to access their pension pot will rise from 55 to 57.

The change will come into force in April 2028 when the state pension age hits 67.

HM Revenue & Customs yesterday confirmed that the minimum age at which a saver will be able to access their pension pots will rise from 55 to 57

But those savers who have a pension age of 55 already written into the terms will still be able to access their pension at that age — even after 2028.

The loophole will close only in April 2023. Former pensions minister Steve Webb, now a partner at consultancy Lane Clark & Peacock, says: ‘Yesterday’s announcement provides a window for people to lock in to age 55.

‘Schemes which already have a right to access at the age of 55 written into their rules will have this protected even after the 2028 change, and other savers may be able to join such schemes.

‘As a first step, savers should find out where their own scheme stands. If its access age will rise to 57, they may wish to review where they hold their pension.’

b.wilkinson@dailymail.co.uk

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