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?

You won't be impacted as you’ll already be 57 by the time the change comes into effect.

You will have a window between your 55th birthday and 6 April 2028 where you can choose to access your pension savings before the NMPA increases.

Or you can wait until you turn 57 before accessing your savings.

The earliest date you can access your pension savings will be delayed by two years, which could mean you’ll have an extra couple of years to save. But if you weren’t planning to retire before age 57 then this change shouldn’t affect you.

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.