Government papers: Increasing the normal minimum pension age
HM Treasury is consulting on increasing the normal minimum pension age – 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) – from age 55 to age 57.
In this consultation, the government reconfirms its intention to legislate to increase the normal minimum pension age to age 57 on 6 April 2028. 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 57 could encourage individuals to save longer for their retirement, and so help ensure that individuals will have financial security in later life.
The increase to age 57 will not apply to those who are members of the firefighters, police and armed forces public service pension schemes. The consultation also seeks views on the proposed protection regime for members of other pension schemes.
This consultation closes at 11pm on 22 April 2021.