Minimum pension age

MTB1986

I’ve got a DC pension with a previous employer that has a protected minimum pension age of 55, but as it’s an older pension the options for taking it are limited to taking 25% tax free and either purchasing an annuity with the rest or taking the rest as taxed cash, or transferring it to a new scheme elsewhere. 

I plan to use it for drawdown, but if I transferred it to a new pension elsewhere to facilitate this once I turned 55, would I lose the protected age of 55 and have to wait until 57/58 to draw it once the law changes? 

El_Torro

When will you be 55? If it's before the 6th of April 2028 then you won't have a problem. If it's after then you're probably right, you'll be subject to the new rules if you transfer your pension elsewhere. Best to check with whoever you're planning to move your pension to. 

MTB1986

After 6th April 2028, unfortunately. I was planning on using it to bridge the gap between 55 and 60 when another pension kicks in. 

Linton

This seems to be relevent..

https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm062250

MTB1986

Linton said:

This seems to be relevent..

https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm062250

Thank you, I will have a read of that information; much appreciated.