State pension age increase and impact on private pensions.

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Talk in the papers today of moving state retirement age to 68 from 67 early. This will affect people between 49 and 55. So a heads up if this impacts your retirement plans.
https://www.independent.co.uk/news/uk/home-news/state-pension-age-increase-68-2037-labour-treasury-b3015125.html

The one thing that doesn't get talked about is the knock-on impact on taking private pension and the 25% tax free lump sum. They are usually tied to 10 years before state retirement.

I'd be more supportive of the state pension age rising if the private pension and and lump sums were able to be taken as they are today so those who save can stick to current plans. i.e. tie them to 55 rather than 10 years before state pension age.

Yes check the terms of the policy. I can still take my Aviva one at 55 as I had opened if before the rules changed and it has a protected status.

This is not true. If you were in Premium or Classic the minimum pension age is protected. So you can go at 55 in Premium. Yes it's reduced but only to around 0.7 ish. And you will be eligible for remedy so only your alpha pension from 2022 will be at 67 and again you can take it from 57 (reduced to about 0.5).

I couldn’t afford to take my Classic at 60 and only work part time for another 12 years! Even though I’ve been in a professional grade since 2006, it’s not going to pay me anywhere near half what I’d need to live on even if I leave it until it matures.

I'm 52 so in this group as well, but I've always expected them to raise it to 68 before I get to pension age. They can raise it with anything up to 10 years' notice IIRC, so with the sorry state that the UK's public finances are in I'd have been shocked if they didn't raise it!

What is enough to give you whiplash though is how quickly these changes have come in. My DM, who is 25 years older than me, was able to draw her pension at 60, but I will have to work until 68.

My retirement age is 7 years later than a woman 13 years older than me.

Eh? When was it 55?

Its the waste thats pretty offensive the lablur gov have removed the 3 child limit and given fsm to everyone on UC. But where was the brrakfast clubs years later our school one is the dame funded by parents.
Then 30 hours so 15 more for non working parents.

I’m assuming that’s a mixup of workplace, private and state pension ages?

The state pension age has never been 55, you’re right. Not in the UK.

At my civil service job in the USA, full retirement was at 55 when I first started.

It’s not a UK state pension, it was a US Government pension (but not social security). So long as you had 30yrs of service, full retirement was at 55. If you had less than 30yrs of service full retirement was at 57. This was repeatedly raised over the years in parallel with UK.