‘Next govt. should lower pensions freedoms age’
18th November 2019
Pension freedoms should be extended to people under the age of 55, according to the Association of Consulting Actuaries (ACA).
Introduced in 2015, the freedoms offered more options to over-55s when it comes to accessing their pension before retirement.
In the run-up to the general election on 12 December 2019, the ACA called on political parties to allow younger savers earlier access to their pensions.
More specifically, the ACA wants the next government to allow younger savers to access their pensions after 10 years of savings.
Jenny Condron, chair of the ACA, said:
"Let's have clarity and vision in this year's manifestos, broadly mapping out key plans for savings, pensions and social care beyond the next parliament.
"It's simply not right is changes of approach are hidden away in the long grass."
The ACA's call contradicts a recent request from the Association of British Insurers (ABI), which wants the pensions freedom age to increase from 55 to 57.
Speaking in September, Yvonne Braun, the ABI's director of long-term savings policy, said:
"This was already part of the government's original plan in 2015, but has not been legislated for. The minimum age should be reviewed regularly."
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