Pension Transfer - Normal minimum pension age - protected?

Frooggot

I have 3 previous employer pots totalling £102k. I am considering transferring the two smaller pots into the larger one for ease, less fees etc. However, the pension provider of the larger pot flagged the governments consultation on increasing the nmpa from 55 to 57, and that I might lose the protection to take my pension pots at 55. 

I can't find a definitive answer if I transfer these pots now if i lose this protection. i did ask if this was in place at present - provider said it was just a consultation but wouln't confirm if I'd lose protection. 

Any one able to provide further info? Currently, 37, but would like to preserve if possible. 

Marcon

Frooggot said:

I have 3 previous employer pots totalling £102k. I am considering transferring the two smaller pots into the larger one for ease, less fees etc. However, the pension provider of the larger pot flagged the governments consultation on increasing the nmpa from 55 to 57, and that I might lose the protection to take my pension pots at 55. 

I can't find a definitive answer if I transfer these pots now if i lose this protection. i did ask if this was in place at present - provider said it was just a consultation but wouln't confirm if I'd lose protection. 

Any one able to provide further info? Currently, 37, but would like to preserve if possible. 

Further (or at least fuller!) info: https://techzone.abrdn.com/public/pensions/minimum-pension-age-rise-to-57

It would be quite unusual to have 3 'previous employer' pots - are you sure these are all employer (trust based) schemes, rather than personal pension pots you built up while in the employ of each of these employers? It's an important distinction, as you'll see if you follow the above link.

jamesd

Frooggot said:

Any one able to provide further info? Currently, 37, but would like to preserve if possible. 

All pots you have without protection have now shifted to a minimum access age of 58. Any with protection remain at 55. Don't move a pot until you know that it is one without protection, or until you're willing to add no more money to it beyond normal investment growth.

Existing pots that are protected can be transferred but you can't add more money to them if you do.

Also, while law has been initiated it's not in place yet and there's still a chance of changes, so might as well wait unless you know that a scheme definitely doesn't have protection.

Frooggot

Thanks very much for your replies. I'll try and find out if they are protected and act accordingly.