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Minimum pension age from April 2028

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I’ve just received an annual statement from my DB pension provider.
It says that the minimum pension age will rise from 55 to 57 from 6th April 2028. 
It also says “this will affect anyone born after 5th April 1971 as they will be 57 in 2028.”
Surely it only affects people born after 5th April 1973?

Have I misunderstood, or is the annual statement wrong?
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  • michaels
    michaels Posts: 29,122 Forumite
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    I suspect if you were 55 before the cut off date but didn't try to retire until after it but before you were 57 you would be impacted?
    I think....
  • NoMore
    NoMore Posts: 1,589 Forumite
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    It affects me, born April 1972.

    55 in 2027 can take pension
    56 in 2028 can't take pension
    57 in 2029 can take pension (again)
  • PParka
    PParka Posts: 268 Forumite
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    NoMore said:
    It affects me, born April 1972.

    55 in 2027 can take pension
    56 in 2028 can't take pension
    57 in 2029 can take pension (again)
    Thanks for the help.  I understand what they mean now.
    I didn't think about the years in the middle of the change when the pension couldn't be taken.

  • sandsy
    sandsy Posts: 1,753 Forumite
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    The government have said they "will provide further advice on the proposed transitional arrangements and provisions in due course.l
  • NedS
    NedS Posts: 4,528 Forumite
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    PParka said:
    NoMore said:
    It affects me, born April 1972.

    55 in 2027 can take pension
    56 in 2028 can't take pension
    57 in 2029 can take pension (again)
    Thanks for the help.  I understand what they mean now.
    I didn't think about the years in the middle of the change when the pension couldn't be taken.

    I think that would depend on how you were taking the pension. If you had put the pension into drawdown with a regular monthly payment in 2027 at 55, I would expect that to continue in 2028. I cannot image they would stop regular income that is already in payment.
    If, however, you had accessed the pension in 2027 and taken a one-off lump sum payment (UFPLS), the above may apply and you may be unable to take further payments in 2028.

  • Sea_Shell
    Sea_Shell Posts: 10,028 Forumite
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    As a born in November 71, I shall be following developments closely.

    My plan was (is) to start drawdown ASAP after my 55th birthday, so hopefully I can sneak in under the current rules.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
  • Audaxer
    Audaxer Posts: 3,547 Forumite
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    edited 27 November 2022 at 12:47PM
    PParka said:
    I’ve just received an annual statement from my DB pension provider.
    It says that the minimum pension age will rise from 55 to 57 from 6th April 2028. 
    It also says “this will affect anyone born after 5th April 1971 as they will be 57 in 2028.”
    Surely it only affects people born after 5th April 1973?

    Have I misunderstood, or is the annual statement wrong?
    I think it means that if you were born on 5 April 1971 or before you can start drawdown at 55, but if you were born on 6 April 1971 or after that date, you have to wait until you are 57 to start drawdown.
  • NoMore
    NoMore Posts: 1,589 Forumite
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    Audaxer said:
    PParka said:
    I’ve just received an annual statement from my DB pension provider.
    It says that the minimum pension age will rise from 55 to 57 from 6th April 2028. 
    It also says “this will affect anyone born after 5th April 1971 as they will be 57 in 2028.”
    Surely it only affects people born after 5th April 1973?

    Have I misunderstood, or is the annual statement wrong?
    I think it means that if you were born on 5 April 1971 or before you can start drawdown at 55, but if you were born on 6 April 1971 or after that date, you have to wait until you are 57 to start drawdown.
    Why would it mean that? That is effectively saying the increase in age happens in 2026 not 2028 as proposed. 

    You may be affected if you don't take the option to access pension at 55, see my example upthread. However, there may be a phasing in of the age for those people as sandsy says transitional arrangements are to be advised nearer the time.
  • Would it be more simple to say that if you have reached 55 by 6th April 2028, you can carry on and access your pension at any point from then? So if you wanted to take it at 56 you still could, rather than having to decide whether to take a withdrawal at 55 or miss your chance for a couple of years.

    I was born Dec 72 and have been wondering how the years between would be dealt with. It makes trying to plan for retirement more difficult…as also dealing with the 67 or possibly 68 state pension age.
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