Keeley Paddon: Pointers for advisers after NMPA pension transfer window closure

Normal pension age rising to 57

clock • 4 min read

Keeley Paddon explores HMRC's decision to scrap the age 55 to 57 pension transfer window and explains what it means for advisers and their clients...

As you are almost certainly aware, on the 3 November, the government made the shock move of closing the pension transfer window for those aged 55 to 57, with no notice.  Under initial plans, people affected by the change who transferred to a scheme with a 'protected' pension age' by April 2023 could gain access to their money at the old lower age. However, a barrage of industry criticism and calls for a rethink prompted the Treasury to announce that, unless you are currently in the middle of doing a pension switch/transfer, the option of doing this to still benefit from an age 55 thre...

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