Pensions for the oldest savers will increase by two years.

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Early savers will be able to access a two-year increase in their pension.

Under changes set to take effect in April 2028, most hardworking savers will be unable to access their pensions until they are 57 years old, rather than the current age of 55.

Under proposals confirmed in the Autumn Budget, a large number of hardworking savers will be unable to access their pensions for another two years.

According to the government, the Finance Bill 2021-22 would raise the age at which most pension savers can access their funds from 55 to 57 by 2028.

Anyone who takes their pension before this age after the new rules take effect will face a “punitive” tax charge, the amount of which is unknown at this time.

The move has been criticized by financial experts, who claim that it will affect thousands of people who want to retire early.

“If this goes ahead, the Government will need to provide additional clarity and make the minimum pension age the same for all pension plans, so that pension savers can save with confidence in the future,” said Nigel Borwell, co-founder of Local Financial Advice.

While many soon-to-be retirees may be disappointed by the increase in retirement age, a longer investment window could mean greater financial security in the long run.”

Early savers will be able to access a two-year increase in their pension.

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Earliest age savers can access pension to rise by two years

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Earliest age savers can access pension to rise by two years

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