article_snippet: Savers should be stopped from cashing in Savers pensions until state pension age' $$$$ to prevent Savers running out of money, MPs have warned.
article_snippet: The Commons Work and Pensions Committee warned that rules allowing people to dip into people pensions from the age of 55 could create 'unrealistic expectations' about the age at which they can afford to stop work.
article_snippet: Reforms of pensions, which take effect next month, give savers discretion over savers pensions from the age of 55, rising to 57 in 2028.
article_snippet: Government officials warn that allowing people to start dipping into people pension by the time people reach 55 will create unrealistic impressions about when people can afford to stop working .
article_snippet: But The Commons Work and Pensions Committee recommended that access to retirement funds should only be granted 'five years before the state pension age'.
article_snippet: Under the proposals, men would not be allowed to withdraw men cash until men were 60, while women would have to wait until women were 57.
article_snippet: Dame Anne Begg, the Labour chairman of the committee said: 'Our view is that, given the significant tax relief provided to pensions, increased longevity, and the importance of ensuring people do not underestimate the income needed in retirement, the minimum age at which people can access people pension saving, except on ill health grounds, should rise to five years below the state pension age.'
article_snippet: As a result of reforms announced by Chancellor George Osborne in Chancellor George Osborne last Budget, from next month savers will no longer be required to buy an annuity - providing a regular annual income - when savers cash in savers pension pot.
highlights_snippet: From next month savers will be given control over pension from age 55 .
  
highlights_snippet: 'Savers should be forced to wait until five years before state pension age' 