Minimum Private Pension Age
Posted on 11th October 2021 at 16:00
Due to people living longer, the normal minimum pension age (NMPA) for withdrawing funds from a private pension is set to increase in the near future.
Right now, the NMPA for private pensions is 55, which will increase to 57 on 6 April 2028. Depending on your current age and when you plan to retire, this could affect your personal finance strategy. However, the change will not apply to members of a public service pension scheme provided to firefighters, police and armed forces.
Knowing when you can take out your pension is very important, as it allows you to plan ahead and manage your personal wealth management to full effect. If you need guidance on this or any other financial matter, we’re always here to help.
Need pension advice?
TreyBridge Accountants supports individuals through fully bespoke pension planning. For more information, please call our team of finance experts on 01482 235575 or fill in the contact form below.
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