From 6 April 2028, the UK’s normal minimum pension age will rise from 55 to 57. This is the age at which most people can access UK pension benefits without an unauthorised payment tax charge. It is separate from the UK State Pension age and can also affect UK pension funds transferred to a New Zealand Qualifying Recognised Overseas Pension Scheme (QROPS). Read the UK Government’s guidance.
If you will be under 57 when the change takes effect, you may need to wait longer to access your benefits. Turning 55 before April 2028 does not, by itself, guarantee continued access from that age.
Some people have a protected pension age. This depends on their rights and the relevant scheme rules; joining a scheme before February 2021 is not enough on its own. A protected age may also carry over with a qualifying transfer to a QROPS. For an individual transfer, it generally applies only to the transferred benefits and income arising from them, which must be separately identified. Read HMRC’s guidance on eligibility and protection following a transfer.
Earlier access may also be possible under applicable ill-health rules. Different rules apply to certain UK police, fire and armed forces public service schemes; those rights should be checked before a transfer.
Before planning a transfer or withdrawal, confirm the access age for the particular benefits and whether any protection will be retained. Please contact your financial adviser or email our team if you would like to discuss your circumstances.
This article provides general information. Individual entitlements depend on the applicable scheme rules, UK pension requirements and the member’s circumstances.