Nearly two thirds (63 per cent) of 50-year-old workers are concerned about the upcoming increase in the normal minimum pension age (NMPA), which is scheduled to rise from 55 to 57 in 2028, according to research from TPT Retirement Solutions.

The survey suggested that many workers aged 50 are concerned about the increase as more than one in five (21 per cent) currently plan to access some of their pension savings before they turn 60.

The research also found that most workers aged between 50 and 59 are unaware of the NMPA, and just 35 per cent of workers in this age group correctly identified that the current minimum pension age is 55, while 50 per cent thought the NMPA was 60 or older.

Concerns were not limited to the upcoming increase in the NMPA though, as TPT’s research also found that more than three quarters (76 per cent) of workers in their 50s are worried about any potential increase to the state pension age in the 2030s.

The state pension age is currently scheduled to rise to 67 in a phased introduction between 2026 and 2028, and then to 68 between 2044 and 2046, after the government recently shelved plans to bring forward the increase.

However, the research found that only 15 per cent of workers in their 50s are currently planning to retire at the age of 68 or older, while more than seven in 10 (73 per cent) are planning to retire before they reach 68.

TPT Retirement Solutions warned that these plans may therefore be disrupted if the state pension age does increase, as 74 per cent of workers in their 50s expect to rely on the state pension as a source of income in retirement.

In addition to this, more than half (51 per cent) of those worried about an increase to the state pension age believe they deserve to retire at 66 as they have paid into the system for long enough.

Meanwhile, nearly half (47 per cent) expect to be forced to work for longer as they can’t afford to retire without the state pension, while more than a third (35 per cent) are worried about the increase in the pension age due to their health, life expectancy, or family circumstances.

TPT Retirement Solutions chief executive, David Lane, commented: “Our research shows the degree of concern many people in their 50s have about increases to the minimum and state pension ages. As the national minimum pension age increases, it is important for people to be aware of how this change may impact their retirement plans.

“Any further increases to the state pension age in the coming years will cause further worry for this age group. Given the number of people depending on the state pension as their primary source of income, many could be effectively forced to work for longer.

“Those with physically demanding jobs may find working for an additional two years particularly challenging. People in their 50s with a defined contribution pension should consider, where at all possible, increasing their pension contributions if they want to retire earlier or protect themselves against any future changes in the state pension.”

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