At the recent PA Retirement Planning Roadshows, Stephen McPhillips covered the topic of normal minimum pension age changes. Here, he runs through some of the key points for advisers to be aware of
The normal minimum pension age (NMPA) is the earliest age at which a pension scheme member can access retirement benefits from a Registered Pension Scheme without incurring unauthorised payment tax charges. That is unless the member is in ill-health or has a "protected pension age" that existed pre-6 April 2006. Initially, the NMPA was age 50. It was changed to age 55 with effect from 6 April 2010. There was no transitional protection for any scheme members affected by the change. But now the NMPA will increase to age 57 in 2028 to coincide with the rise of state pension age (SPA) to ...
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