minimum pension age - protected rights 55 vs 57

honeststeveo

Marcon said:

honeststeveo said:

granta said:

This active thread might provide you with further helpful info:

Increase to Minimum Pension age from 55 to 57 on 6th April 2028 - Page 28 — MoneySavingExpert Forum

Thanks I have started wading through it but at 28 pages its a mega read! several pages in and people are still saying the legislation is yet to become finalised....

The legislation increasing minimum pension age to 57 on 6 April 2028 is already in place, but what's lacking are any transitional provisions - i.e. to deal with people who might be able to draw their benefits if they reach age 55 on (say) 1 April 2028, but are then 'caught' by the new legislation and have to wait another 2 years.

Protected pension ages aren't very common. Are you looking at benefits built up in a defined benefit scheme (aka final salary or CARE) or a defined contribution scheme?

I actually stayed up reading all of it last night. Basically i learnt that the april 2023 cutoff date got brought forward to nov 21 so the which article I linked to is indeed outdated. The scheme had to have the appropriate terms/wording in the scheme rules in feb 21. The legislation landed but most providers still arent giving clear answers, often contradicting themselves or building in caveats. A few on the thread opened accounts with Fidelity who seem likely to honour the 55 drawdown but they are still unclear on terms on age protection surrounding transfers in and out. I'm looking at DC.

honeststeveo

granta said:

honeststeveo said:

granta said:

This active thread might provide you with further helpful info:

Increase to Minimum Pension age from 55 to 57 on 6th April 2028 - Page 28 — MoneySavingExpert Forum

Thanks I have started wading through it but at 28 pages its a mega read! several pages in and people are still saying the legislation is yet to become finalised....

The Act has now become final. I had similar questions to you and when I posted on the thread quite recently, someone shared the link to it. Not that I really read it all or understood it.
It might help if you gave some general info about who the provider is and type of pension.

I just summarsised the mega thread in my post above. DC schemes with AJB and with Vanguard.

honeststeveo

Oh and I get the general impression that many pension providers either can't be bothered with the extra admin of another protected age, or they are biding their time until 2028 is nearly here in case there are more legislation changes in the meantime (which is fair enough really)