Retirement options—DC members
Retirement options—DC members

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • Retirement options—DC members
  • Admission ages and retirement ages in pension schemes
  • Admission age
  • Retirement age
  • Tax relief on pension contributions—age limited?
  • When is the pension pot payable?
  • Normal retirement
  • Early retirement
  • Late retirement
  • Flexible retirement
    • More...
FORTHCOMING DEVELOPMENT: On 11 February 2021 the government issued a consultation reconfirming the announcement that the normal minimum pension age (NMPA) will rise from 55 to 57 on 6 April 2028 and seeking views on the proposed protection regime for pension scheme members (with the exception of members of the firefighters, police and armed forces public service pension schemes for whom the increase in NMPA will not apply). The NMPA is the minimum age at which most pension savers can access their pensions without incurring an unauthorised payments tax charge, unless they are taking their pension due to ill-health.

The government proposes to offer a protection regime for the increase to the NMPA in 2028 under which an individual member of any registered pension scheme (occupational or non-occupational) who has a right under the scheme rules at the date of the consultation to take pension benefits at an age below 57 will be protected from the increase in 2028. The protected pension age will be specific to an individual as a member of a particular scheme and the proposed protection will apply to all the member’s benefits under the relevant scheme (ie not just those benefits built up before 2028).

Where individuals are entitled to a protected pension age in relation to the increase in NMPA from 2028, they will be
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