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.

However, the Sainsbury’s Section has a minimum age of 55 set out in its rules, and the law says we can continue to offer this as a ‘protected age’ to existing members. If you transfer your pension to another provider, your protected retirement age may be lost. 

Depending on your age, if you also have benefits in the Sainsbury’s Retirement Savings Plan (SRSP) and you’re planning to retire at 55, you may need to wait an extra two years to take your SRSP benefits. 

If you have any other pensions, either personal or workplace, you should check with your providers to see what rules apply to those benefits. 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.