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The age at which people access their retirement savings through pension freedoms should be increased, the Association of British Insurers (ABI) has said.

Introduced in April 2015, the freedoms extended the options for over-55s accessing their pension savings before retirement.

More than £25.6 billion has been withdrawn through flexible payments since the legislation kicked in, including £8.18bn in 2018/19.

Speaking at the recent PensionAge conference, the ABI called on the Government to increase the pension freedoms age from 55 to 57 to protect consumers.

It also asked for a new pension review age of 75 to help savers explore what retirement options are on the table later in life.

Yvonne Braun, the ABI's director of long-term savings policy, said:

"The minimum pension age should be increased from 55 to 57 over the near term.

"This was already part of the Government's original plan in 2015, but has not been legislated for.

"Government should then review the minimum age regularly."

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