The normal minimum pension age (NMPA) is the earliest age most people can start withdrawing money from their workplace pension. This is set by the UK government.
It's currently 55 years but this will increase to 57 from 6 April 2028, unless you have a protected pension age or you're retiring due to ill health.
Why is the minimum pension age changing?
It’s changing for two reasons, one is to coincide with the rise of the State Pension age to 67. The second is that it reflects our longer life expectancies and it is predicted that we’ll spend more time in retirement.
How will the change affect me?
It will affect you differently depending on your age and whether you need to take your pension savings before you reach 57.
If you were born before 6 April 1971
You won’t be affected by the NMPA change as you’ll already be 57 by 6 April 2028.If you were born between 6 April 1971 and 5 April 1973
As you’ll already be 55 before 6 April 2028, you’ll be able to take your pension savings any time from your 55th birthday to 6 April 2028.If you were born on or after 6 April 1973
You’ll have to wait until you’re 57 to take your pension savings unless you have a pension with a lower protected pension age. A protected pension age lets you withdraw your pension earlier than the normal minimum pension age. You can check with your pension provider whether you have a protected retirement age.