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The Government has launched a consultation on changes to the national minimum age at which people can retire.
The Government has launched a consultation on increasing the normal minimum pension age.
The normal minimum pension age is the minimum age at which most pension savers can access their pensions without incurring an unauthorised payments tax charge (unless they are taking their pension due to ill-health).
That age is currently 55. However, the government intends to legislate to increase this to age 57 on 6th April 2028.
It says: “Increasing the normal minimum pension age reflects increases in longevity and changing expectations of how long we will remain in work and in retirement. Raising the normal minimum pension age to age 57 could encourage individuals to save longer for their retirement, and so help ensure that individuals will have financial security in later life.”
The Government says it is appropriate for the NMPA to remain around 10 years under state pension age, which has also been rising, although it does not intend to link NMPA rises automatically to state pension age increases at this time.
It adds that the increase to age 57 will not apply to those who are members of the firefighters, police and armed forces public service pension schemes.
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