The government is consulting on potential changes to the age you can access your pension.
The minimum age that most members can access their pension benefits is currently 55. However, the government is proposing to increase this to 57 from 6 April 2028. Some members may retain the right to draw benefits before age 57, but this is dependent on the rules of their scheme as at 11 February 2021. Additionally, when a member transfers their pension to or from another scheme, it may not be protected from the increase in the normal minimum pension age.
We will provide further information on our website and in our scheme literature once the government has published final legislation and guidance.
Thinking of leaving us?
Your pension plan is just that - yours. It’s up to you if you wish to change providers. Any transfer out of your plan is free of charge. However, you may wish to check whether the plan or arrangement receiving the transfer will make a charge. The value of your transfer will reflect the value of your pension pot on the day we sell your investments to cash so that they can be transferred. If you’re thinking of moving your current workplace pension to a different provider, there are some important things you should consider. We recommend you seek financial advice on whether this is the best decision for you and your future.
Things to consider
- Remember, just because you’re leaving your employer, doesn’t mean you have to transfer out.
- Make sure there are no valuable benefits you may lose if you transfer.
- Compare the fees and charges of your new provider with those of your current pension.
- Ensure that your new provider doesn’t restrict some of your retirement options. Like the ability to take tax-free cash at age 55. This can be especially important if you’re retiring soon.
- If your pension contains certain benefits (usually a guaranteed income) you may need to take appropriate financial advice if you want to transfer out. We will inform you if this applies to you.
If you have any concerns about your proposed transfer, please call us on 0800 3 68 68 68 or contact the government's Pension Wise service, online at www.pensionwise.gov.uk or by phone on 0800 138 3944.