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Pension access plans dropped
SAVERS will not be allowed to dip into their pension funds before they retire, the Treasury said yesterday following a consultation on flexibility.
The government said workers will only have access to their pension funds after the age of 55, in line with current rules, saying early access would not encourage saving for retirement.
The National Association of Pension Funds backed the decision, saying it welcomed discussion on options to make UK spending on pensions sustainable.