Find out when you can start withdrawing money from your pension and how this will change from 2028.
Important information - the value of investments, and the income from them, can go down as well as up so you may get back less than you invest.
The normal minimum pension age (NMPA) is the earliest age most people can start withdrawing money from their personal and workplace pensions.
It's currently 55 years but this will increase to 57 from 6 April 2028, unless you have a Protected Pension Age or you're retiring due to ill health. The NMPA is set by the UK government.
The government is raising the NMPA to coincide with the rise of the state pension age to 67. These increases are designed to reflect our longer life expectancies - as we'll spend more time in retirement.
If you don’t want or need to take your pension before you reach 57, then you won't be affected by the NMPA increase.
If you're looking to take your pension before age 57, your date of birth determines how the NMPA affects you.
| Born before 6 April 1971 | Born between 6 April 1971 and 5 April 1973 | Born on or after 6 April 1973 |
|---|---|---|
| You won’t be affected by the NMPA change as you'll already be 57 by 6 April 2028. | As you'll be 55 before 6 April 2028 you'll be able to take your pension benefits at any time from your 55th birthday up to 6 April 2028. It's currently unclear whether you'll have to stop taking pension payments after 6 April 2028 (such as regular pension drawdown payments) until you reach the age of 57. This page will be updated once the government provides updates on how this will be handled. | You'll have to wait until you're 57 to take your pension, unless you have a pension with a lower Protected Pension Age. |
A Protected Pension Age lets you withdraw money from your pension earlier than the normal minimum pension age.
Please note that in 2010 the NMPA increased from age 50 to 55. Some customers would have qualified for a Protected Pension Age of 50 at that time. If you're unsure whether your pension qualified for a Protected Pension Age of 50, or a Protected Pension Age of 55, please contact your pension provider.
If you opened a SIPP with us or applied to transfer your pension to us before 4 November 2021 - you'll benefit from the Protected Pension Age of 55. This applies to any transfers or contributions you made to your pension on/before 3 November 2021, as well any future contributions.
If you opened a SIPP with us on or after 4 November 2021 - you won't benefit from a Protected Pension Age and the minimum age that you can access your pension will rise to 57 on 6 April 2028. If you will turn 57 before the age increase, you will not be impacted by this change.
This applies to all past and future contributions to your SIPP. Any transfers (past or future) into this account will be assessed to see if they might benefit from a Protected Pension Age.
If you transferred, or plan to transfer, a pension in full to us that has a Protected Pension Age, this will be retained on transfer. Protection only applies to those transferred funds and these will be separated from your pensions that you can access at 57.
We’re making changes to our systems which will make this clear on your account when you log in.
If you're unsure how these changes affect your pension, or you would like to know how to make the most of your current pension savings, including the transfer of funds from other providers, our financial advisers could help. Call us on 0800 222 550 for a free no-obligation chat.
Explore our financial advice serviceImportant information - eligibility to invest in a SIPP and tax treatment depends on personal circumstances and all tax rules may change in the future. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity's advisers or an authorised financial adviser of your choice.
