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The government has closed the window of time during which people can join a scheme that offers a protected pension age of 55 with no prior warning, saying an announcement on the issue could have caused market turbulence.
The government has altered plans to increase the minimum pension age (NMPA) from 55 to 57 in 2028. Originally it planned to introduce a protection regime for those who had an unqualified right to access their pensions before age 57 on 11 February 2021.
The pension sector has reacted to the government pension triple lock defeat at the House of Lords yesterday.The Lords voted by 220 to 178 back an amendment in favour of retaining the state pension triple-lock next year.
The £44.7million sum covering July to September takes the total refunded since the beginning of pension freedoms in 2015 to almost £800million.
Critics who had demanded action welcomed the announcement in the Autumn Budget, though one said it was 'a shame' the move would not happen sooner.