UK. PMI warns majority of savers will be caught out by pension age rise
According to research from the PMI, published on December 29, which surveyed 2,000 individuals, 82 per cent of working people in their forties were not aware of the upcoming rise in the NMPA, which is set to increase from 55 to 57 in April 2028.
The PMI said this change will directly affect the retirement options for those currently in their mid to late forties.
The increase in the NMPA has been criticised across the industry as it will not apply evenly to everyone and will add extra complexity to the pensions landscape.
For those earning benefits in a public service pension scheme, and those who are members of certain private sector arrangements offering protected pension ages, the NMPA will continue to be 55. But for others it will rise to age 57.
Just over a third of those polled (35 per cent) considered this difference to be unfair.
After being made aware of the change, 38 per cent expected to be impacted but a further 25 per cent did not know if the change would affect them.
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