Minimum ages for pensions

I recently read that the UK was increasing the age to access personal pension pots to 57. Is that the same in Jersey?

Mike Freer of BWCI (30787487)
Mike Freer of BWCI (30787487)

Mike Freer, of BWCI, responds:

YOU are correct. The Economic Secretary to the UK Treasury, John Glen, did confirm that the UK government intended to raise the minimum age at which people could access their private pension from 55 to 57 in 2028. Legislation is still awaited but, if an individual is suffering from ill health, they may be able to access their pension earlier.

It was back in 2014 that the UK government first announced it would increase the minimum pension age to 57 from 2028, reflecting trends in longevity and encouraging individuals to remain in work while also helping to ensure pension savings provide for later life. This change will mean that a person will be able to access their personal pension savings ten years before they reach state pension age.

As you may be aware, here in Jersey we can access our personal pension savings from age 50 (this does not apply to pension savings transferred in from the UK) and I am not aware of any proposed changes.

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