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Protecting your Pension Age
With effect from 5 April 2028, the minimum age at which most individuals can draw pension benefits without incurring tax charges, rises from 55 to 57. There are some notable exceptions to this change. As is currently the case, depending on the condition it may be possible to take early retirement due to ill health without incurring penalties. Members of uniformed services pension schemes such as the armed forces pension scheme or the police pension scheme are also exempt from the rise in the normal minimum pension age (NMPA.)
The draft legislation introducing the NMPA change* also enables those who are in pension schemes which specify that individuals have an “actual or prospective right under the pension scheme to any benefit from an age of less than 57” to retain that earlier pension age. However, this transition provision only applies to those who are in such schemes before 5th April 2023.
Whether individuals should consider reviewing their pensions in response to the change in NMPA will depend on a combination of personal circumstances and current pension scheme rules, charges, and benefits. If you are looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.