The minimum pension age is increasing
In 2028, the youngest age you can retire will change from 55 to 57.
The government sets a minimum age for when you can take your benefits from pension schemes like the Fund. It’s called the normal minimum pension age (NMPA) and right now that minimum is age 55.
We’ve known for a while that the government plans to increase the NMPA to encourage people to save longer for their retirement, as well as to ensure that people have financial security for later in their life.
What does this mean for me?
It means that from 6 April 2028, age 57 will be earliest age you can take your Fund benefits.
However, if you are set on taking your benefits at age 55, the government legislation proposes some protections that may mean this is still possible. For example, if by 5 April 2023 you are in a scheme that already allows you to take your benefits before age 57 (like this Fund), then your benefits may be protected from this increase. Full details on how these protections apply are not yet finalised and we will keep you updated as the government confirms further.
If you are thinking of taking your benefits in the next 10 years you should speak with an independent financial adviser. You can find an independent financial adviser near you at MoneyHelper.
Where can I find out more?
Visit this government website for more about the increasing NMPA.
While logged on, make sure your details are correct by completing your My Progress task list on the home page. My Progress is a handy list of the things you need to do to keep your pension record up to date - having up-to-date information about you means we can support you better.