Early Retirement - Novus Pension

Sweetie83

I’m hoping to retire early at 53 (currently 42). I’ve work for the MoD since 2009 and have part Nuvos (part Alpha) pension. I would like to take my Nuvos pension early at 55. My pension statement says I can take this early from 55 but my question is can this date change (in line with state pension age)? Or is Nuvos a protected pension and therefore I can still take it early at 55? Advice greatly appreciated. Thank you 😁

Tommyjw

55 is changing to 57 with effect from 6 April 2028 , at the same time the State Pension age goes from 66 to 67.

There is an intention for this age 57 minimum pension age to then link to the SPA by 10 years, so when SPA goes up to 68, minimum age automatically goes up to 58, and so on, but i don't believe this is specifically set in stone yet. So, it may be , by the time you reach that age it may have gone up slightly more.

It will then fall on whether your Scheme has within it's rules a unqualified right to going at 55. In simple terms, do the rules say "Can retire from 55", or do they say "Can retire from 55, subject to Trustee/Employer consent", the 2nd is what thevast majority of private occuopational schemes will say, so those members will have the 57 or later minmum. I don't know anything about Civil Service Schemes, others on here may know,or you can ask them, to be sure.

I've found this which atleast says for the Alpha part it is indeed changing to 57
https://www.civilservicepensionscheme.org.uk/media/yayfwg2r/autumn-ref-presentation-october-2022.pdf 

hugheskevi

Sweetie83 said:

I’m hoping to retire early at 53 (currently 42). I’ve work for the MoD since 2009 and have part Nuvos (part Alpha) pension. I would like to take my Nuvos pension early at 55. My pension statement says I can take this early from 55 but my question is can this date change (in line with state pension age)? Or is Nuvos a protected pension and therefore I can still take it early at 55? Advice greatly appreciated. Thank you 😁

Nuvos has a protected minimum pension age so you will be able to take it from age 55 after the standard minimum pension age increases to 57 in 2028.

It is theoretically possible that this could be changed in the future, as could any rule, but having been given protection it is very unlikely to be taken away, as that would be a clearly retrospective change which is generally avoided.

Sweetie83

Thank you so much for your advice I really appreciate it. Should help me be able to do some more realistic planning now