Date posted: 14th Sep 2020
The government has confirmed that it will increase the age at which people can access their pensions from 55 to 57 in 2028.
This means that if you are in your late forties or younger, you will need to wait another two years before you can access your pension savings. Whilst this may not impact upon everyone, if you were considering an early retirement or paying off your mortgage with a pension lump sum, then you need to consider your plans again.
In addition, we are anticipating the tax relief associated with pensions to be considered by the government, ahead of the forthcoming autumn budget, as they look to make savings to plug the hole in the public finances caused by COVID-19. We would therefore recommend that you consider your pension planning and retirement options, sooner rather than later.
Should you have any queries on the pension planning or need further support, please contact our tax team here, who will be happy to assist.
Read more below:
Read more articles from our October 2020 tax news below:
- Still considering an electric company car?
- Errors in furlough claims
- Chancellor’s Winter Economy Plan
- Capital allowances – cliff edge approaching?
- Unlock funds within your company – make a R&D claim
- Retirement age and pension planning
- Get ready for leaving the EU on 1 January 2021
