UK: Mps want to change the age to which the savers could avail their pension to be five years prior to the state pension age. Currently, it takes 10 years before an individual can use their state pension.

Labour MP for Aberdeen South Anne Begg suggested that the pension savings access age be changed, so the members can enjoy it at an early stage. At present, savers can only avail the state pension when they turn 55, but by the year 2028, the savers can access their pension at the age of 57 since the state pension age become 67 by that year.

“Begg said: Allowing people to take advantage of the new pension flexibilities 10 years before they get their state pension could create unrealistic expectations about the age at which they can afford to stop working.”