Millions of people will soon have to wait longer to access their personal and workplace pensions. The earliest age you can access your private pensions is currently 55 – but this will rise to 57 from April 6, 2028.
This is known as the “normal minimum pension age” and this is separate to when you can access your state pension. There will still be some exceptions where you can still access your private pensions earlier, for example, if you are seriously ill.
You may also have a protected pension age with your pension scheme, which would allow you to access your retirement funds at 55 or 56. This varies between different pension schemes, so if you have multiple pensions, you may not have a protected age with all of them.
For example, your pension scheme may specifically say you can access your pension from 55 – rather than the “normal minimum pension age”. It is important to read the rules of your pension scheme carefully if you are considering transferring it elsewhere, as you could potentially lose the protection of being able to access your pension from 55.
Some pension providers will continue to protect it Some people who were in certain jobs – usually people in physically demanding jobs, such as sportspeople or police officers – may also have lower pension ages.
If you access your private pension early, you could face a tax charge of up to 55% of the amount taken out or transferred, plus further charges from your provider. You should always be wary of scammers who claim they can help you access your pension early.
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There are different rules for when you can access your state pension. The age you can access your state pension is currently 66 for both men and women, but is set to rise to 68 by 2046.
However, a review released in 2017 called for this to be brought forward, possibly to as early as 2037, due to people living longer. The Labour government has not revealed if it will bring forward the rise to 68. The new state pension is worth £230.30 a week, while the older basic state pension is £176.45 a week.
You may get less than this if you don’t have enough National Insurance contributions. For the new state pension, most people need 35 qualifying years on their National Insurance record to get the full amount.
You claim the new state pension if you are a man who was born on or after April 6, 1951, or a woman who was born on or after April 6, 1953. The basic state pension is claimed by men born before April 6, 1951, and women born before April 6, 1953.
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