Overview

• Individuals aged 50 now receive ‘wake-up packs’ summarizing their pension savings and prompting planning for retirement
• The state pension age will increase to 67 in 2026 and the minimum access age for pension savings will rise from 55 to 57 in 2028
• The Pensions and Lifetime Savings Association’s retirement living standards outline income targets for modest, comfortable and aspirational retirements
• Workplace pensions remain advantageous thanks to employer contributions, upfront tax relief and tax-free investment growth
• Savers considering a self-invested personal pension should weigh costs, investment flexibility and the added administration of multiple providers