Pension: Minimum age most savers can access pensions to increase | Personal Finance | Finance


This will mean that from 2028, under-57s cannot access their pensions without incurring a tax charge, unless they are forced into retirement by ill-health.

The measure will affect men and women equally as the NMPA is the same for both genders.

To plan ahead, the Treasury and HMRC issued a joint consultation on implementing the change in February earlier this year.

There is, however, a way around this for those who would rather retire earlier.

The draft legislation will give people the chance to join a pension scheme with different rules by April 5, 2023. These different rules may give members the right to take their pension benefits before turning 57.

The expectation is that younger people will be unaffected by this as those at least ten years away from this age will have enough time to plan ahead financially.

This meant that many women have lost out financially to the tune of thousands of pounds and has caused them to be unable to effectively plan ahead.

Indeed many were caught out entirely when learning their pension ages had shifted years after the changes had been made.

The measure will be kept under review so that any impacts on certain groups surface quickly.

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