Normal minimum pension age (NMPA) to increase

You may have heard that the government is raising the NMPA from 55 to 57 from 6 April 2028. This is the earliest age most people can start taking money out of their personal and workplace pensions. Although the SRSP’s normal retirement age is set at 65, you may, if you wish, take your retirement savings earlier than this, but no earlier than the NMPA. 

If you’re not planning to retire before the age of 57, then the increase in NMPA won’t affect you. However, if you want to access your retirement savings at 55 or 56, then your date of birth will be important: 

• If you were born before 6 April 1971, you won’t be affected by the NMPA increase as you’ll already be 57 by 6 April 2028. 
• If you were born between 6 April 1971 and 5 April 1973, you’ll be able to take your retirement savings any time between when you turn 55 and 6 April 2028. 
• If you were born on or after 6 April 1973, you’ll have to wait until you’re 57. 

We’re still waiting for details from the government on how this is going to work, especially for people in the middle group (those born between 6 April 1971 and 5 April 1973).  

If you have any other pensions, either personal or workplace, you should check with your providers to see what rules apply to those benefits. Some schemes are able to offer a ‘protected’ minimum pension age of 55 or 50 for their existing members. However, if you’re considering transferring your benefits out of the Scheme, it’s very unlikely that you can transfer to somewhere that has a lower minimum pension age – so be very careful if anyone claims they can offer this, as it could be a scam.