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ARTICLE · 06 APRIL 2022

Pension Scheme Administration – Tax Changes

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The Finance Act 2022 will increase normal minimum pension age ("NMPA") from 55 to 57 from 6 April 2028. NMPA is the earliest age at which a member can usually take their benefits...

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Normal minimum pension age

The Finance Act 2022 will increase normal minimum pension age (“NMPA”) from 55 to 57 from 6 April 2028. NMPA is the earliest age at which a member can usually take their benefits from a registered pension scheme without incurring a tax penalty.

A member will retain a “protected pension age” of less than 57 where:

  • immediately before 4 November 2021 they had an actual or prospective right under the scheme to take their benefits from an age of less than 57;
  • the scheme rules on 11 February 2021 conferred such a right on some or all of the then members; and
  • the member either had such a right under the scheme on 11 February 2021 or would have had such a right had they been a member on 11 February 2021.

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