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As we enter 2022, there are several developments taking place in the world of pensions for retirees and those planning their future retirement.

Firstly, there has been an increase in the state pension age for both men and women in the UK, with the retirement age rising from 66 to 67. This change was implemented in October 2020 and will affect anyone born after April 5, 1960. The change has been made as life expectancies continue to rise, meaning that people are expected to live longer and therefore may need to work for longer in order to save for their future pension.

There has also been a lot of focus on defined benefit pension schemes, which provide a set income for life based on the individual’s salary and years of service. Many of these schemes have faced challenges in recent years due to longer lifespans, low interest rates, and economic challenges. As a result, some companies have closed their defined benefit schemes to new members, and others have reduced the benefits they offer to existing members.

For those planning their retirement, there is now a wider range of pension options available than ever before. This includes workplace pensions, personal pensions, and the government’s new “pension freedoms” scheme which allows people to access their pension pot in various ways. It’s important to do your research and seek professional advice to ensure you make the most of your pension options.

On the topic of premature retirement, there are concerns among some workers over the impact of COVID-19 and the associated economic uncertainty. Some people may find themselves having to retire earlier than anticipated due to redundancy or other financial difficulties. It’s important to seek advice and support if you find yourself in this situation, to ensure that you have the best possible retirement outcome.

In conclusion, the world of pensions is constantly evolving and it’s important to stay informed about the latest news and developments. Whether you’re planning your retirement or are already a pensioner, there is support and advice available to help you make the most of your golden years.