Normal Minimum Pension Age

ader42

I can’t see to find a clear and explicit answer to this anywhere so here goes…

Someone born on 3rd April 1973, has no private pension scheme at all to date, but starts a SIPP in May 2024.

Would they be able to access that SIPP when they turn 55 on 3rd April 2028?

The NMPA rises to 57 on the 6th April 2028, would they be able to acces the SIPP after this date despite being aged 55?

Secret2ndAccount

They can take their pension, as you said, on 3rd April 2028. Provided they do that (and they could withdraw just 1 penny), they can keep withdrawing from the same SIPP from then on.
If they don't make their first withdrawal by 5th April 2028, they will be stuck waiting another two years.

squirrelpie

All the relevant dates are working days so that shouldn't be a problem. But I would suggest contacting the SIPP provider several months beforehand and telling them of your plan, so you can arrange to jump through whatever hoops they require before transferring the money, and can do so even if papers get lost in the post or whatever.

edit to add: Note that making a small first withdrawal is sensible for tax purposes even if you plan to make a larger withdrawal almost immediately.

ader42

Thanks folks, it’s a long way off of course - so will have to try to make sure she/we remember!