Overview

• Pete Glancy of Scottish Widows and Mike Ambery of Standard Life suggest phase two proposals would create emergency side-pots letting savers tap up to £1,000 before retirement
• The measures are expected in next week’s phase two of the government’s multi-phase pensions review following reforms to state pension age and scheme consolidation
• Under current regulations pensions can only be accessed from age 55, rising to 57 in 2028, except for terminal illness or select professions
• The Department for Work and Pensions has declined to confirm whether early access mechanisms are included in the upcoming announcement
• Industry experts warn that emergency side-pots could undermine retirement adequacy, add operational complexity and require new partnerships or regulatory changes