TFLS age

bumper31

I am a few years from retirement. But could be looking at a redundancy in the next couple of years.

Just looking into options, with nothing firm. But I have been researching when I can draw on my TFLS.

My current age puts retirement at 67, which means I can't access my pension until 57. However, I have read that the age at which you can access the TFLS doesn't increase from 55 until April 28.

So am I reading this right, that although I can't access my "pension" until 57, if I am 55 before April 28 I can access the TFLS? Or have I completly misunderstood these things?

TIA

Bumper

FIREDreamer

You can access both at 55 until April 2028 when the access age jumps to 57 unless you have a protected access age.

dunstonh

HMRC is yet to publish details on how those who straddle the dates will be dealt with.

Albermarle

https://forums.moneysavingexpert.com/discussion/6661828/tfls-age

Taking the TFLS is the same as accessing your pension.

leosayer

"My current age puts retirement at 67, which means I can't access my pension until 57."

There is no link in law between state pension age (if that's what you mean by retirement) and the age at which you can access any pension.

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81942922#Comment_81942922

Probably based on the original stated intention to link the NMPA to 10 years below the state pension age but it never got enacted in legislation

vacheron

https://forums.moneysavingexpert.com/discussion/comment/81942761#Comment_81942761

This is what I don't get.

Will people who hit 55 In March 2028 be allowed access to their pension for 1 month then be denied for the next 23 months, or will the permitted access age increase by 1 month per month from April 2028 to prevent this.

I can only assume it will, as UK pension and tax legislation is has never been one to create hugely unfair cliff-edge scenarios! 😁😉

bumper31

Oh I see both things are correct. It was just an assumption on my part it was automatically 10 years before retirement.

I'll hold my breath just in case HMRC provide guidelines or something is enacted into law…..

Thanks all for your updates…..

If I do get made redundant I'll keep my fingers crossed that nothing gets clarified ;-)

DRS1

I thought I had seen a reference on another thread to something having been published by HMRC about this. A suggestion that if you had crystallised part of your pension at 55 (when that is allowed) you could draw on the crystallised part of the pension in the interim period before you got to 57. I suspect that it is implied that you could not touch any uncrystallised portion of the pension during the interim period.

bownyboy

https://forums.moneysavingexpert.com/discussion/comment/81943128#Comment_81943128

There's a thread about this if you search. I've posted in there. I wrote to the finance section of the daily mail with this exact question and got one answer. I wrote to HMRC and got another answer and I wrote to my MP who got another answer from HMRC.

As Dunstonh says, this is still yet to be clarified with HMRC.