What is the change?
Anyone over 55 can take their entire pension fund as cash.
How could the change affect you?
You can still take 25% of your total fund as a tax-free lump sum. The remainder will be taxed at your marginal rate of tax. Use the Lump sum tax calculator to find out much you could have to pay.
When can I take my benefits?
Currently the minimum age you can take any workplace or personal pension is age 55. You need to check with your scheme provider or insurance company to make sure the scheme will allow this. This is proposed to increase to age 57 by 2028.
From 2028 onwards the proposal will be for the minimum pension age to increase in line with the State Pension age. This means there will be a 10 year gap between when you can take your own pensions and any state pension you are eligible for. Learn more about the State Pension