NewsPension freedom age rises to 57

Pension freedom age rises to 57 for tax free withdrawals

The government has confirmed that it will proceed with plans to increase the normal minimum pension age (NMPA) from 55 to 57 years, marking the age they can access their pension pots tax free

 

What is normal minimum pension age?

 

The NMPA is the minimum age at which most pension savers can access their pensions without incurring an unauthorised payments tax charge. It is going to rise to age 57 in 2028.

When will government introduce the new minimum pension age bill?

The change to the rules will be introduced in Finance Bill 2021-22 and the draft legislation will introduce a window so that individuals have an opportunity to join a pension scheme by 5 April 2023 where the scheme rules on 11 February 2021 already confer an unqualified right to take pension benefits below age 57.

The government also proposes certain adjustments to the transfer rules to allow members to keep their protected pension age (PPA) after transferring their pension to another provider via block and individual transfers.

There will be consultation on the draft legislation before it is introduced.

Pension freedom age rises to 57
Pension freedom age rises to 57

Our service to you

If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We, at Naail & Co, are pro-active and easily accessible accountants and tax advisors, who will not only ensure that all your filing obligations are up to date with Companies House and HMRC, but also you do not pay a penny more in taxes than you have to. We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call using the link below.

Related Blogs:

Get further information from the following blogs;

Blogs

News & recent developments

Like this page? Share it with your friends
Facebook
Twitter
LinkedIn
WhatsApp
Email
Print

Get in touch

Book a free call at time of your convenience

Subscribe to our newsletter

Install Naail & Co app

Install Naail & Co App on your Smartphone or Tablet. Tax calculators, business mileage tracker, deadlines & thresholds, business & tax news and much more!

Leave a Reply

Your email address will not be published. Required fields are marked *

Post comment