Hi everyone.
This seemed like the most appropriate thread to link and talk about this.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/960034/NMPA_consultation_2021.02.10.pdfThe consultation paper for raising the minimum pension access age from 55 to 57 in 2028. This increase has been talked about for a while since I believe 2014 when the government initially said it would be happening. However this paper gives some detail that is of interest to me - I'm 41 next month - and I think will also be of interest to others on here. Basically the plan outlined is that the access age will increase from 55 to 57 in 2028 as planned, but that there will be a protection regime established for people already in existing pension schemes. Article 2.5 says that:
"The government proposes to offer a protection regime for the increase to the NMPA in 2028 for all types of registered pension scheme. This would mean that an individual member of any registered pension scheme (occupational or non-occupational) who has a right under the scheme rules at the date of this consultation to take pension benefits at an age below 57 will be protected from the increase in 2028."
This is potentially great news especially for those of us who assumed it was a done deal and that we couldn't access our pensions before turning 57. It is only a consultation paper, and there is some stuff in there about individual schemes opting to increase their access ages, but having read it a few times I think my interpretation is correct - the proposal is a wide-ranging protection to anyone in an existing scheme as of Feb 2021 which currently has the normal access age of 55, providing they remain in that scheme. Personally I've got most of my pension in my workplace DC pot but I also have a much smaller pot in a Fidelity SIPP so I'm now thinking about getting two years' worth of expenses into the latter and hoping that Fidelity don't opt to increase to 57, and that this means I can get into the Fidelity pot aged 55.
Have I got this wrong? There are certainly some naysayers on other boards but I think I've got it right. IANAL, DYOR, YMMV, IMHO, etc etc.