Changes to the normal minimum pension age
The age when you can start taking money from your pension will increase in 2028.
What is the normal minimum pension age and how is it changing?
The normal minimum pension age (NMPA) is the earliest age at which you can access your pension savings.
The age is set by the government and is currently 55. But from 6 April 2028, the NMPA will increase to 57, meaning you'll have to be 57 or older to take money from your pension.
There are some exceptions to the minimum age, for example, if you’re suffering from ill health or have a protected pension age you may be able to access your pension savings earlier. And the NMPA isn’t necessarily the age you’ve chosen to retire at – your pension retirement age could be years later.
How will this affect me?
Do I need to do anything?
We'll automatically update your NMPA on our systems in 2024 if you are an affected customer.
If you've already started to make plans about accessing your pensions savings, you should review them to see if they are impacted by the change.
If you're not sure about how this might impact your retirement plans, or you want to make sure your pension savings are on track, you could speak to a financial adviser.
You can find a financial adviser in your area using services like www.unbiased.co.uk or look at financial advice from abrdn. Expert advice does cost money, but any charges will be fully explained to you before you commit to anything.