Following the initial plan announced in 2014, the government has confirmed that the minimum pension age for accessing any private pensions is going to be increased from 55 to 57 in 2028. What does this mean for your clients?
We at FinCalc understand that accessing pensions can be an important part of future financial planning, especially since clients have had more flexibility since Pension Freedoms were introduced in 2015. Clients may want to access their pensions for many reasons, for example, to determine if they can afford to reduce their hours at work and top up their income, whether they can proceed with the upsize of their main residence or whether they can provide some help to their family such as paying for a wedding or help their children to get on the property ladder. All of these Scenarios can be built within our Cashflow Tool, but what if this legislation change affects your client’s plans?
We want to ensure you create cashflows that include changing legislations so you can fully prepare for the impact this may have on your client’s future. As the government has not released how they will implement the change we have assumed that those born on or after 6 April 1973 will be unable to take pension benefits prior age 57. However, you can override this if you do not want to apply this at this time.
We at FinCalc are continuously developing our Cashflow to ensure we do the hard work for you so you can concentrate on providing your clients with the best advice possible.