Increase to the Normal Minimum Pension Age

01 June 2022

In February this year, the Government passed the Finance Act 2022, which contains legislation to increase the normal minimum pension age (NMPA) to 57 on 6 April 2028.

The NMPA is the earliest age from which a member can draw benefits from a pension scheme (apart from on grounds of ill health) without incurring unauthorised payment charges. The NMPA is currently 55 for most people.

If you’re under 55 and planning to retire early, you might need to factor this change into your plans so that you don’t get caught out.