Change in Normal Minimum Pension Age (NMPA) from age 55
The NMPA is currently age 55, as set by the Government. This is the earliest age at which most pension scheme members can access their pension without incurring additional tax charges. Some members may be exempt from this; for example, those who retire earlier due to ill health.
However, the Government has laid legislation to increase the normal minimum pension age from age 55 to age 57 from 2028, alongside planned increases in the State Pension Age to 67.
From then on, the Government’s intention is that the normal minimum pension age will remain ten years below the State Pension Age (SPA).
State Pension Age
The State Pension Age (SPA) has been increasing since December 2018. Anyone born between 6 October 1954 and 5 April 1960 will reach their SPA on their 66th birthday. Anyone born after 5 April 1960 will have an SPA of 67 or higher, as the Government plans to further increase the this in the future and has already introduced proposals to increase this to 68.
You can confirm your State Pension entitlement and obtain a forecast at www.gov.uk/check-state-pension
It is important to check your that State Pension details to ensure that there are no gaps in your National Insurance record. This will help ensure that you receive your full State Pension entitlement. You have until 5 April 2025 to fill any gaps in your National Insurance record.