The Government has announced that the rise in the pension age to 68 will now happen by 2039 – seven years earlier than initially proposed, and will affect everyone born between 6 April 1970 and 5 April 1978.
The proposal is most likely to affect around 7 million people in their late 30s and 40s, who are most at risk of inadequate private savings as they are unlikely to have had the same access to final salary pension schemes, and will not enjoy the full benefits of automatic enrolment due to their age.
If you have any concerns, or would like to discuss, please call David Hine or Jason Bevan at Magma Wealth Management on 01788 539000.