Chancellor Rishi Sunak plots a pension lockdown under plans to delay the age to 57 

Millions of savers could have to wait another TWO YEARS to dip into their pensions under amid controversial Treasury plans to raise age for cashing in to 57

Chancellor Rishi Sunak under pressure to raise the minimum pension age to 57 Mr Sunak is due to deliver his first Budget in just weeks on March 11

Pensions firms are lobbying the Government to introduce legislation swiftlyIn 2015 the then-Chancellor George Osborne pledged to raise age to 57 by 2028

Millions of savers could be forced to wait another two years to dip into their pensions under controversial plans drawn up by the Treasury.

Chancellor Rishi Sunak has come under pressure ahead of next month’s Budget to raise the minimum pension age from 55 to 57 amid fears many households have been cashing in their retirement funds too quickly.

Sweeping pension reforms were introduced in April 2015, allowing savers more freedom over what to do with their own money.

With Chancellor Rishi Sunak due to deliver his first Budget on March 11, the biggest pensions firms are lobbying the Government to introduce legislation as swiftly as possible

But at same time George Osborne, then chancellor, made a little-noticed pledge to raise the threshold from 55 to 57 by 2028.

This was designed to ensure there is a ten-year gap between the age at which savers can draw their private pension and the state pension age, which is set to rise to 66 for both men and women this October, and to 67 by 2028 and 68 by 2039.

The pledge, contained in a Treasury document in July 2014 and signed off by Mr Osborne, has been shelved by successive ministers.

Sweeping pension reforms were introduced in April 2015, allowing savers more freedom over what to do with their own money. But at same time George Osborne, then chancellor, made a little-noticed pledge to raise the threshold from 55 to 57 by 2028

Sweeping pension reforms were introduced in April 2015, allowing savers more freedom over what to do with their own money. But at same time George Osborne, then chancellor, made a little-noticed pledge to raise the threshold from 55 to 57 by 2028

But the Treasury has told the Daily Mail it intends to press ahead with the reform.

With Mr Sunak due to deliver his first Budget on March 11, the biggest pensions firms are lobbying the Government to introduce legislation as swiftly as possible.

The Association of British Insurers warned earlier this week that more than 350,000 savers cashed in their entire pension pot last year, and claimed many are in danger of falling into ‘poverty’ in retirement.

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