Changes to Normal Minimum Pension Age

Last year the Government passed the Finance Act 2022, which contains legislation to increase the normal minimum pension age (NMPA) to 57 on 6 April 2028. This restores the policy of setting the NMPA at ten years less than the State Pension age, which is set to rise to 67 for all people on 6 April 2028.

The NMPA is the earliest age from which a member can draw benefits from a pension scheme (apart from on grounds of ill health) without incurring unauthorised payment charges. It’s currently 55 for most people.

If you’re under 55 and planning to retire early, you might need to factor this change into your plans so that you don’t get caught out. You can check your State Pension age at www.gov.uk/state-pension-age.