2 October 2026
HMRC is consulting on draft legislation to introduce transitional arrangements for people who have reached age 55 but not age 57 by the time the Normal Minimum Pension Age (NMPA) rises to 57, from 6 April 2028. The NMPA is the earliest age at which you can normally start to take your pension benefits.
The transitional arrangements are needed so that people who start claiming their benefits early at 55 or 56 aren’t suddenly unable to access them or penalised for doing so when the NMPA goes up.
The draft regulations suggest that benefits can continue to be paid on or after 6 April 2028 as authorised payments; and that the member will be deemed to have met the new NMPA of 57 immediately before the payment of their benefits. However, they won’t be able to set up new annuities or drawdown arrangements from funds that were uncrystallised at 6 April 2028, or from new monies paid into their pensions after that date.
It’s a complex area, and the details can depend on the pension scheme, the type of benefits being accessed and whether you have a protected pension age. Therefore, if you’re thinking of accessing your Fund benefits early, please speak to an independent financial adviser.