In its response to the consultation on how to implement the normal minimum pension age increase and the proposed protections framework, the government will legislate in the Finance Bill to increase the normal minimum pension age from 55 to 57 on 6th April 2028.
This is the age at which most members of registered pension schemes can draw benefits without incurring unauthorised payment charges (unless they are taking their pension due to ill-health).
Increasing the normal minimum pension age reflects increases in longevity and changing expectations of how long we will remain in work and in retirement.
Raising the normal minimum pension age to age 57 is suggested as encouraging individuals to save longer for their retirement, and help ensure individuals have financial security in later life.
PAYadvice.UK 21/7/2021
