It is still possible for individual employers to operate a compulsory retirement age, provided that they can objectively justify it eg air traffic controllers and police officers. The rising state pension age means that people are getting this regular government-provided income at a later age.
Since December , men and women have qualified for the state pension at the same age - currently This will increase to 67 between and In July , the government announced its intention to increase the state pension age from 67 to 68 between and , which is seven years earlier than previously planned.
The state pension can cover a significant part of your retirement expenditure. Check your state pension age using Which? However, some schemes will have have a 'normal' or 'selected' retirement age and if you access your pension plan before this date, you may incur an early exit penalty. This should be arranged with your pension provider who will be able to tell you how this works and whether you are eligible.
The government intends to increase the minimum age at which you can access personal pensions to 57 in , so that it will remain 10 years before you are eligible for the state pension. If you give up working early, your state pension could be lower. This is because the amount you get is based on the number of years' worth of National Insurance contributions you have.
If you retire early without the maximum number of years, you could get a lower state pension amount when you reach state pension age.
You can find out how many years you currently have by checking your state pension forecast. The immediate risk of cashing in a private pension early is that you run out of money in retirement. You need to plan your retirement carefully to make sure that you have enough to live on in retirement.
But you could also severely limit how much you can contribute to a pension in the future by accessing your savings early. Find a financial adviser through Unbiased. Step 3 : Check what other financial support you could get. Check what financial help you could get if you: are on a low income need help paying your rent need help paying your heating bill are claiming benefits and the weather is cold are disabled You can also get free bus travel if you: apply for a bus pass.
Step 4 : Decide when to retire. Get advice on planning your pension and deciding when to retire. Is this page useful?
Maybe Yes this page is useful No this page is not useful. Michael is a member of a pension scheme that has a retirement age of The pension scheme reduces the annual rate of pension by five per cent for each year if a pension is taken early. This means that Michael's pension will be reduced by 10 per cent because it is paid two years early.
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Find out more about early retirement and its effect on your pension. Your State Pension age is worked out based on your gender and date of birth. To find out more, go to the link below:. The State Pension age is under review and may change in the future. UK website. You can keep working past the State Pension age. You can check your State Pension to calculate how much you could get. We will not reply to your feedback.
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