Normal minimum pension age (NMPA) to increase

You may have heard that the government is raising the NMPA from 55 to 57 from 6 April 2028. This is the earliest age most people can start taking money out of their personal and workplace pensions.

Normal retirement age in the Argos Section is set at 65, but you may, if you wish, take your retirement savings earlier than this, but no earlier than the NMPA. 

If you’re planning to retire after the age of 57, then the increase in NMPA won’t affect you. However, if you want to access your retirement savings at 55 or 56, then your date of birth will be important: 

• If you were born before 6 April 1971, you won’t be affected by the NMPA increase as you’ll already be 57 by 6 April 2028. 
• If you were born between 6 April 1971 and 5 April 1973, you will be able to take your retirement savings any time from when you turn 55 up to 6 April 2028. However, any money left in your pension on or after 6 April 2028 might not be available until you turn 57. We’re waiting for more guidance from HMRC. 
• If you were born on or after 6 April 1973, you’ll have to wait until you’re 57. 

If you have any other pensions, either personal or workplace, you should check with your providers to see what rules apply to those benefits. Some schemes are able to offer a ‘protected’ minimum pension age of 55 or 50 for their existing members. However, if you’re considering transferring your benefits out of the Scheme, it’s very unlikely that you can transfer to somewhere that has a lower minimum pension age – so be very careful if anyone claims they can offer this, as it could be a scam.