Increasing the normal minimum pension age consultation on implementation
The normal minimum pension age is the earliest point at which most people can access their pensions without incurring an unauthorised payment tax charge. However, there are exceptions for those who have a protected pension age or who take their pension due to serious ill-health.
The government’s intention to increase the normal minimum pension age from 55 to 57 with effect from 2028 has been known for some time. To allow people to plan ahead, in February 2021, the Treasury and HMRC issued a joint consultation on implementing the change.
The LITRG response to this consultation focuses on transitional issues arising when implementing the proposed change and highlights that it is vital that people are aware of and understand the change. Clear guidance, proactively promoted to pension savers, is essential.
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