A finance expert has issued a warning to anyone with a pension, saying some could be ‘locked out’ from accessing their cash ahead of a major change to the law. Rowan Harding, a financial planner with Path Financial, says many still don’t know about an alteration to personal pensions, due to come into effect from 2028.
At present, rules state you must be 55 before you can claim your personal pension, as that is the Normal Minimum Pension Age (NMPA). But from April 6, 2028, that age is set to rise to 57. That is unless your occupation already has a protected retirement age in place or you are claiming because of ill-health.
The change will affect those born after 5 April 1973. Those born between 5 April 1971 and 5 April 1972 will have a window from the date of their 55th birthday to 6 April 2028 to take their benefits. Rowan is urging people to check their pension plan terms and conditions and if necessary to make plans to mitigate the financial impact of the change.
