From April 2028, the age at which you can usually access your private or workplace pension — known as the “Normal Minimum Pension Age” (NMPA) will rise from 55 to 57. If you’ve been planning to retire at 55, this pension age increase could mean reassessing your timeline and making adjustments to your financial strategy.
Even if retirement feels a long way off, it’s worth planning ahead now. Taking early action can help you avoid a potential income gap and give you the confidence that you’re still on track to retire when it suits you.
It’s not just private pensions being affected. The State Pension age is also increasing. From 6 May 2026, the age at which both men and women can begin claiming the State Pension will gradually rise from 66 to 67 by 2028. As a result, you may need to rely more heavily on personal pensions or other assets for income during the gap year before State Pension payments begin.
By understanding how these changes may impact your future finances, you can take steps now to ensure your retirement plans remain secure despite the shift in pension age rules.
Many could be impacted by the pension age increase
According to government figures published in October 2024, the median expected age to retire in the UK is 65. If you’re among those who expect to retire at this age, the change to the NMPA may not affect you.
However, around 1 in 10 people expect to stop working before the age of 60. For these individuals, the rise in the Normal Minimum Pension Age (NMPA) could cause unexpected delays, particularly for those hoping to retire at 55.
If you’re aiming to retire earlier than 57, now is the time to take action. The following four steps could help you prepare and potentially still achieve the retirement lifestyle you’ve envisioned.
4 steps you could take to prepare for the pension change
1 . Review the details of your pension scheme
Although the Normal Minimum Pension Age (NMPA) will rise to 57 in 2028, not all pensions are affected in the same way. Certain older workplace or personal pension plans may include a protected pension age, which could still allow you to access your funds before 57.
It’s important to check the specific rules of each of your pension schemes before making any retirement decisions. Understanding whether you’re impacted by the pension age increase could prevent unexpected delays in your plans and help you make more informed choices.
2. Work out how much income you’ll need in retirement
The lifestyle you hope to enjoy in retirement will directly influence how much money you need, and when you can realistically afford to stop working.
If you’re aiming to retire at 55, but the pension age increase prevents access to your pension until 57, you may need to explore other ways to bridge the income gap.
It’s also worth thinking about how you transition into retirement. Many people now prefer a phased approach — reducing their hours gradually or switching to more flexible roles. In fact, a September 2024 report by Global Recruiter found that nearly half of workers over 50 plan to phase into retirement over a decade or more.
This type of gradual exit from work could give you more freedom sooner, while still helping you manage your finances carefully during the shift.
3 . Consider all your assets when making a retirement plan
When planning for retirement, it’s easy to focus solely on your pension. But other assets including cash savings, ISAs, investments held outside of a pension, and even property, can all play a role in generating income.
This becomes especially important if you’re hoping to retire before the Normal Minimum Pension Age comes into effect in 2028. By considering all your financial resources, you may be able to bridge the gap caused by the pension age increase and still retire on your terms.
4. Schedule regular reviews
Your retirement plans shouldn’t be set in stone. Personal circumstances, financial markets, and government policy including changes like the pension age increase, can all impact your future.
By scheduling regular reviews, you can ensure your plan stays aligned with your goals and adapts to any changes in legislation or your lifestyle. These check-ins provide peace of mind that your strategy still works for you, no matter what the future holds.
A clear retirement plan can help you stay financially secure
Changes to the NMPA don’t automatically mean you need to update your retirement plan. However, being informed could offer peace of mind as you move towards the exciting milestone.
Working with a financial planner could help you assess how you’ll create an income once you step back from work and identify potential gaps. Please contact us to talk to one of our team about your retirement.
Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only and is subject to change.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
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