Govt closes pension switching window to halt 'rogue advisers'

Linked to minimum pension age increase

Holly Roach
clock • 6 min read

The government has closed the window of time during which people can join a scheme that offers a protected pension age of 55 with no prior warning, saying an announcement on the issue could have caused market turbulence.

In its Finance Bill 2021/22 - published today (4 November) - the government announced savers will be stopped from switching to a new scheme with a protected pension access age of 55. The bill includes a clause to increase the normal minimum pension age (NMPA) from 55 to 57 from 6 April 2028 as confirmed last February. This increase was first announced in 2014 in response to the government's consultation of freedom and choice, and the draft clause was published in July this year. The draft clause included a window of time during which people could either join or transfer into a sche...

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