Aegon Argues for Early Access to State Pension

Financial company Aegon has proposed that people should be able access their pension early, at a reduced level. Their Pensions Director, Steven Cameron, has made the point after the TUC published a report stating that one-in-eight people have to retire early, due to disability or poor health.

FTAdviser reports

‘The state pension age is on an upper trajectory, and Mr Cameron believes the the number of people unable to stay in work until their state pension kicks in is likely to increase…This could have ‘serious implications’ for people’s ability to provide for themselves in early retirement… Mr Cameron said: “The state pension is a crucial safety net for people in retirement, with almost half of pensioners’ income coming from state benefits… “The inflexibility of the state pension system is at odds with the government’s wider ‘pension freedom’ agenda, which allows individuals free access to private pensions from as early as age 55… “As the state pension age continues to rise, it is important to free up state pension access to allow individuals to fit their state as well as private pension around their personal circumstances.”’