Protected pension y/n/maybe

MEL1981

I am currently in a state of anger with my pension. 

With the incoming changes to the pension age I wanted to check if standard life offered me a protected pension age of 55 for my scheme rules. Low and behold they don't even thought it is a pre 2021 pension  

Different schemes seem to have different rules, and it seems very hit or miss. I'm sure I read that all pre 2021 fidelity pensions do for example.

Has anyone got any experience of having a standard life pension with a PPA? Any other opinions on the whole PPA and why some schemes have then and others didn't?

Having an extra 2 years to bridge is very frustrating. 

MEL

cloud_dog

It depended on the wording used in the T&Cs of the product at the time the pension was opened.

For Fidelity SIPPs their documentation specifically used the wording referencing 'age 55', and not referring to the Minimum Pension Access age, or 'MPA age currently age 55' (for example).

hugheskevi

Any other opinions on the whole PPA and why some schemes have then and others didn't?

It is the HMRC rules requiring an unfettered right to take your pension at age 55 as at November 2021 to have a protected pension age.

That has to be truly unfettered, ie, if you wanted to take your pension at age 55 then you would receive it. So if there was a Trustee Board that had to approve it under scheme rules, even if long-established practice was that they always approved applications sight unseen, then it would not be an unfettered right, and so there would not be a protected age.