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The minimum pension age is changing
The government is increasing the minimum pension age from 55 to 57 on the 6 April 2028. This will be the earliest age that most people will be able to
access their pension savings.
What this means for employers
In order to support the successful implementation of this change we are now asking all employers to start setting a default retirement age for all new members of at least age 57 unless, their scheme has a Protected Pension Age (PPA) or the new member was born before 6-April 1973.
This will ensure that all new members will receive accurate information relating to their retirement plans and future illustrations.
For existing members who currently have a selected retirement date of 55 on their plan, were born on or after 6 April 1973 and don’t have a PPA, we are currently in the process of updating their records to reflect a selected retirement date of age 57. We will write directly to all these members to advise them of this change.
Next steps
All employers must start using a default retirement age of 57 for all new members unless they have a PPA on their plan or were born before 6-April 1973.
Royal London will continue to pro-actively contact members and trustees of occupational pensions schemes, in the run-up to April 2028 to ensure they have all the information they need when thinking about their retirement plans.
If you have any queries regarding any of the above you can contact us on 0345 605 0050.