If you have clients who were born between 1971 and 1973… they might just be caught in the perfect storm. Lisa shares her analysis.
The State Pension Age (SPA) is already 66 – and it’s been hard to miss that it’s due to continue increasing. However, this may be sooner than many think! Another review was announced in July that could see the changes accelerated.
The Normal Minimum Pension Age (NMPA) is the earliest age at which most people can access their personal pension savings. Currently, the NMPA is 55, previously having been in line with being around ten years before the SPA. As such, to remain ten years before the SPA, the NMPA will increase almost, but not quite, simultaneously and, crucially, not in the same way.
People born between 1971 and 1973 will not only miss early pension access, but they’ll also have to wait longer for the State Pension itself.
Full details and analysis can be downloaded in our latest Yellow Paper here.