{"id":6113,"date":"2022-05-26T12:23:12","date_gmt":"2022-05-26T11:23:12","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=6113"},"modified":"2022-05-27T12:31:08","modified_gmt":"2022-05-27T11:31:08","slug":"in-your-40s-is-your-pension-age-changing-2","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/05\/26\/in-your-40s-is-your-pension-age-changing-2\/","title":{"rendered":"In your 40s? Is your pension age changing?"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>More than\nfour in five people in their 40s are unaware that the age at which they can\naccess their pension might be about to change, according to research from the\nPensions Management Institute (PMI)<sup>1<\/sup>.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>The normal\nminimum pension age (NMPA) is set to move from 55 to 57 in 2028, which will\nmean millions have to wait an extra two years to access their retirement funds.\nHowever, public service pension scheme members and some private sector scheme\nmembers will be exempt.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>After learning\nabout the change, almost four in ten respondents said they expected to be\nimpacted, while a further one in four were unsure whether the change would\napply to them or not.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>A wider\ndiscussion<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Despite the\nimportance of proper pension planning, only 14% of respondents have discussed\ntheir retirement plans with a financial adviser, the same research found. The\nPMI thinks that a wider discussion about pensions is needed, given that only 4%\nof respondents knew the current NMPA.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>PMI President\nLesley Alexander called the <em>research \u201cparticularly worrying.\u201d<\/em> She\ncommented<em>, \u201cThe failure to communicate the change to NMPA effectively is\ncomplicated by the fact that it does not apply to everyone. This means it is\nvital that the general public understands clearly what their retirement choices\nare.\u201d<\/em><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>PMI, 2022<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>The value of\ninvestments and income from them may go down. You may not get back the original\namount invested. A pension is a long-term investment. The fund value may\nfluctuate and can go down. Your eventual income may depend on the size of the\nfund at retirement, future interest rates and tax legislation.<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>More than four in five people in their 40s are unaware that the age at which they can access their pension might be about to change, according to research from the Pensions Management Institute (PMI)1. The normal minimum pension age (NMPA) is set to move from 55 to 57 in 2028, which will mean millions [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":6092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,88,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6113"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=6113"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6113\/revisions"}],"predecessor-version":[{"id":6115,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6113\/revisions\/6115"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/6092"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=6113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=6113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=6113"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=6113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}