HM Treasury responds to consultation on increasing normal minimum pension age

The key conclusions to the consultation are as follows:

• confirming that individuals will keep their protected pension age (PPA) for block and individual transfers of their pension, and the government will publish draft legislation on the retention and treatment of PPAs

• stating members of uniformed public service pension schemes and those with unqualified rights to take their pension under the age of 57 will have protection from the increased NMPA

• highlighting that individuals can join a pension scheme which offer a PPA until 5 April 2023 for which the government will publish draft legislation

• stating the rules whereby pension benefits can be paid early due to ill-health will not change

The summary of responses to the consultation can be found here.

The original consultation can be viewed here.

The policy paper, draft legislation and explanatory note on the increase of the NMPA can be found here.