Normal minimum pension age to rise to 57

In July, HMRC published a consultation on draft legislation to increase the normal minimum pension age from 55 to 57 in April 2028.

The normal minimum pension age (NMPA) is the earliest age at which most pension savers can access their pensions without incurring an unauthorised payments tax charge - unless they are retiring due to ill health.

NMPA has been 55 since 6 April 2010, unless a member has a protected pension age (PPA) which allows them to take their pension benefits between 50 and 55.

Members of the Fund will not be affected

Within the draft legislation, there is exemption for certain uniformed services pension schemes, including the British Transport Police Force Superannuation Fund.

This means that members of the Fund will automatically retain a NMPA of 55. Members who already have a PPA of 50 will also be unaffected by the increase in the NMPA.

The draft legislation is still under consultation until 14 September 2021 and therefore is subject to change.