“It’s now imperative that both Government and industry make sure this change is clear to all those saving in pensions.
“We can’t afford a repeat of the Government communication gaps which left many women to find out too late that their state pension age was increasing from 60 to 65.”
Commenting on the increase to the pension freedoms age, Quilter head of retirement policy, Jon Greer, said: “This will be a blow to some savers that had hoped to retire at 55. A few diligent pension savers are lucky enough to be able to afford to retire at 55 with a pension pot sufficient to last the rest of their lifetime.
“But in future that age will switch to 57 before savers can unlock their tax free cash and income from a retirement fund.
“Designed as a safety valve in the pension system, the minimum age for accessing a pension is intended to prohibit people from withdrawing too much of their pension too soon.
“Part of the trade-off for receiving pension tax relief and the perk of tax free cash is that savers have to commit to keep their money locked up till their mid-50s.
“If you want to retire before the age of 57, the first thing to do is think very carefully about whether that is really financially viable and speak to a financial adviser.
— to www.express.co.uk