Minimum pension age change, MPAA and other questions

RNV

Hello to everybody,

The min. pension age increase from 55 to 57 will become effective 06 Apr 2028. I’ll turn 55 in 2027 (post 06 Apr, so 2027/2028 financial year). Am I right that I will be able to access my current DC work pension @55 and there is no (still pending) legislation to alter this by somehow?

 If above is correct for me (definitely access @55),  I have got a few questions I’m asking for your help with please:

1.  if I open a new SIPP now (before Apr 2023, I seem to remember this deadline from somewhere),  what would be access age for this new SIPP for me  – 55 or 57?
2. can this new SIPP be withdrawn in full as a small pot after taking a portion of 25% tax free value from the main workplace DC pension (when taxable income in the latter remains untouched)  - and these 2 withdrawals from 2 pensions will not trigger MPAA ?

 What I’m trying to solve with the above is to give me more time to decide whether it is indeed a much happier life for me retired asap @55 (hating my current stressful job)  or I simply need a year off without raiding a significant chank of 25% tax free in the process.  I do not have any noteworthy savings outside pension (currently salary sacrificing all I can (to use carry forwards) for tax efficiency), so will need to take some 25% tax free portion to live off. <10k small pot may extend my thinking window by another few months without needing to crystallise a bigger value.

 Many thanks for your time and comments.

Albermarle

Small pots can be taken independently of anything else happening with your other pensions. One thing to watch out for though is that they have to be specifically withdrawn under the 'small pots rule' Some pension providers do not offer this facility.
I know that HL, AJ Bell and Fidelity so and Vanguard does not . Not sure about any others,

Not sure about your other question.

MX5huggy

1. 57, a new SIPP had to be opened before 04/11/2021 to get access at 55. 

RNV

This train has gone then. Thank you both, @Albermarle and @MX5huggy

NoMore

MX5huggy said:

1. 57, a new SIPP had to be opened before 04/11/2021 to get access at 55. 

But he's 55 in April 27 before the NMPA is raised, so he can access it at 55, but if he doesn't he won't be able to access it at 56, and will have to wait till 57 for the new NMPA to kick in. 

I also turn 55 in April 2027.