Change to minimum pension age

The minimum age you can access your pension benefits is changing following the introduction of new legislation. It’s rising from age 55 to 57 and comes into effect on 6 April 2028.

This change will not apply if your pension has a protected pension age or if because of ill health, you need to take your money earlier than these ages, depending on the rules of the pension scheme. You are not limited to these ages and can keep your money where it is for as long as you want after age 57.

How does this affect me?

1. If you were born before 6 April 1971, you’re not affected by this change to the minimum pension age.

2. If you reach age 57 before 6 April 2028, this change won’t affect you.

3. For those born on or after 6 April 1971, if you’re planning to transfer your pension, we strongly suggest you consider the following:

a) On or after 6 April 2028, you may be able to draw your pension benefits before age 57 depending on the rules of the pension scheme as of 11th February 2021

b) Most of our customers with a pension before or on 4 November 2021 will have a protected pension age of 55. If you’ve transferred benefits to another pension scheme since 4 November 2021 or plan to do so in the future, you may be able to draw benefits from the transferred pot from age 55. However, this protection only applies to the transferred pot and not to any other pension savings added later on.