The Lemon Fool

starter wrote:I'm showing my age here, but I was born between 6 April 1971 and 5 April 1973 which catches me in the uplift of the minimum pension agree from 55 to 57 in 2028

I can't find any advice as to where this leaves me. It seems to say that there are "transitional arrangements" for those who have have started their withdrawal at that time, but I can't see what they are.

Anyone know where I could find them?

moorfield wrote:

starter wrote:I'm showing my age here, but I was born between 6 April 1971 and 5 April 1973 which catches me in the uplift of the minimum pension agree from 55 to 57 in 2028

I can't find any advice as to where this leaves me. It seems to say that there are "transitional arrangements" for those who have have started their withdrawal at that time, but I can't see what they are.

Anyone know where I could find them?

https://www.aegon.co.uk/news/pension-ages.html

This may help (I don't understand it), but (like me) you will avoid the uplift date I think, as I understand it if you are 55 on or after 6 April 2028 you will then have to wait another two years until 6 April 2030 to reach the minimum age.

Unless Boris changes the tax year calendar to suit one of his chums of course.

Those born between 7 April 1971 and 5 April 1973 could be affected if they have not taken all their benefits before 6 April 2028. In a worst-case scenario, someone born on 5 April 1973 would be 55 on 5 April 2028. If they still had benefits to take at 6 April 2028, they would need to wait until they reached age 57 on 5 April 2030 before they would be able to do so. It’s important to note that this could impact people who choose to take their benefits in stages using a phasing option or who choose to use a drip-feed drawdown facility.

The government have said that they will provide further guidance on proposed transitional arrangements aimed at those who, for example, do not have a 55 to 57 PPA and have reached age 55 but not age 57 by 6 April 2028 and have started but not completed the process of taking their benefits.

EthicsGradient wrote:

moorfield wrote:

starter wrote:I'm showing my age here, but I was born between 6 April 1971 and 5 April 1973 which catches me in the uplift of the minimum pension agree from 55 to 57 in 2028

I can't find any advice as to where this leaves me. It seems to say that there are "transitional arrangements" for those who have have started their withdrawal at that time, but I can't see what they are.

Anyone know where I could find them?

https://www.aegon.co.uk/news/pension-ages.html

This may help (I don't understand it), but (like me) you will avoid the uplift date I think, as I understand it if you are 55 on or after 6 April 2028 you will then have to wait another two years until 6 April 2030 to reach the minimum age.

Unless Boris changes the tax year calendar to suit one of his chums of course.

The way I read that is, if you don't have a Protected Pension Age (PPA) explicitly guaranteed in your pension, then, if you're born in that range of 6/4/71-5/4/73, you must either start taking your pension before 6th April 2028, or you'll have to wait until you turn 57.

Those born between 7 April 1971 and 5 April 1973 could be affected if they have not taken all their benefits before 6 April 2028. In a worst-case scenario, someone born on 5 April 1973 would be 55 on 5 April 2028. If they still had benefits to take at 6 April 2028, they would need to wait until they reached age 57 on 5 April 2030 before they would be able to do so. It’s important to note that this could impact people who choose to take their benefits in stages using a phasing option or who choose to use a drip-feed drawdown facility.

And because getting a pension paid is a bureaucratic faff that can take months, there could be some who start the process before 6/4/28, but don't finish - and when that article was written, they didn't know what would happen to those:

The government have said that they will provide further guidance on proposed transitional arrangements aimed at those who, for example, do not have a 55 to 57 PPA and have reached age 55 but not age 57 by 6 April 2028 and have started but not completed the process of taking their benefits.