🤔What’s changing?
From 6 April 2028, the earliest age you’ll usually be able to access your private pension savings will increase from 55 to 57. This is known as the Normal Minimum Pension Age (NMPA).
🙋🏽♀️Why is it changing?
The government is making this change to reflect people living longer and spending more years in retirement. It's designed to encourage saving for later life.
🫵Does this affect me?
Yes – if you were born on or after 6 April 1973, this change will likely affect you. You’ll need to wait until you’re 57 to start accessing your pension, unless:
You have a pension with a protected pension age. (You can still withdraw these ring-fenced funds from 55 after the change date)
You’re retiring early due to ill health
💰What about my Penny Pension?
Penny follows UK pension rules, so from April 2028, you’ll typically need to be at least 57 to start taking money out of your Penny Pension.
If you have a policy that holds a protected pension age, you can still transfer this to Penny, as we can honour this benefit. The funds will be ringfenced, and you can still withdraw this part of your overall pot after the change date from 55. The rest of your funds that do not have a protected pension age, you will still need to wait until you are 57 to withdraw.
Need help?
If you’re unsure how this affects you, free guidance is available from MoneyHelper. They offer impartial help to explain your options.
You can also drop our team a message on live chat.