HMRC has published a policy paper outlining the increase to the earliest age at which most pension savers can access their pensions without incurring an unauthorised payments tax charge (the ‘normal minimum pension age’) from 55 to 57.
As outlined at Autumn Budget 2021, the increase will have effect from 6 April 2028.
The measure also introduces new rules to reduce the restrictions on retaining a protected pension age following a block or individual transfer.
The changes are set out in Finance Bill 2022 cl 10 and will be made via amendments to FA 2004 s 279, and the introduction of new paras 23ZB and 23ZC into FA 2004 Sch 36.
HMRC has published a policy paper outlining the increase to the earliest age at which most pension savers can access their pensions without incurring an unauthorised payments tax charge (the ‘normal minimum pension age’) from 55 to 57.
As outlined at Autumn Budget 2021, the increase will have effect from 6 April 2028.
The measure also introduces new rules to reduce the restrictions on retaining a protected pension age following a block or individual transfer.
The changes are set out in Finance Bill 2022 cl 10 and will be made via amendments to FA 2004 s 279, and the introduction of new paras 23ZB and 23ZC into FA 2004 Sch 36.
