Pension Schemes Act and Code of Practice
Significant changes are coming to the UK pensions industry, following the passing of the Pension Schemes Act 2021.
The Act, which passed in February, includes new measures to:
The Act also includes changes to strengthen the powers of The Pension Regulator (TPR) with plans for a new Code of Practice. This is designed to improve security of benefits within UK pension schemes.
Further details in the Act and its supporting regulations are expected to be published in the coming months. We’ll keep you updated on anything that may affect your pension.
Increasing the Normal Minimum Pension Age
The Government has confirmed plans to increase the minimum age for accessing pension savings from 55 to 57. This is expected to come into force from 2028.
A consultation was issued by the Treasury in February 2021, seeking views on the protection of an earlier age for those who had a right under the scheme rules on the date of the consultation (11 February 2021).
For members of a registered pension scheme who do not have such a right, they will retain the current minimum age of 55 until April 2028, from which point it will increase to age 57.
More information should be available soon and we will keep you informed.
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