As people approach the end of their working lives, it is natural for them to start to think about when they will choose to retire and access their private pensions. Some Britons might be planning on retiring in their 50s, but they are restricted on when they can draw their cash.
This is because it is based on the specifics of each individual’s private pension scheme, they may be able to retain an NMPA of 55 when the changes kick in.
Those who were on a pension scheme with a protected NMPA of 55 as of November 4, 2021 will still be able to draw from their pot at this age after 2028.
Originally, the Government had planned to let Britons retain the lower age by transferring their pension to a scheme with an unqualified right to a NMPA of 55 before April 5, 2023, but they later decided to bring the deadline forward.
Anyone who wants to find out whether their NMPA will stay at 55 or jump to 57 in 2028 should contact their individual pension provider.
This could be important to check, as people who access their pension before their NMPA may be hit with unauthorised payment charges.
Of…