UK Pension Access Age Rises to 57 in 2028

The minimum age for accessing workplace or personal pensions without incurring additional tax charges will rise from 55 to 57 on April 6, 2028. This change to the Normal Minimum Pension Age specifically affects individuals currently aged 55 and 56, though it does not apply to those with a protected pension age or those accessing benefits due to ill health. The rule change is distinct from the State Pension age.

Oliver Topping, Chair of the Society of Pension Professionals' Legislation Committee, is urging HM Revenue and Customs to finalize transitional regulations to protect savers. The Society of Pension Professionals expressed concern that members who initiate claims before the deadline but receive payments after April 6, 2028, could face unauthorized payment charges due to administrative delays.

The professional body is seeking confirmation that pensions already in payment will continue uninterrupted and is requesting further clarity on Uncrystallised Funds Pension Lump Sums. Topping stated that it is essential that transitional arrangements are clear and workable to ensure members do not face unexpected tax consequences.