Pension age changes: Britons face longer wait to access pension early | Personal Finance | Finance
The state pension age is not the only rule in place which restricts when Britons can access their pension. People should also be aware of the Normal Minimum Pension Age (NMPA).
The intent of increasing the NMPA is to keep it in line with rises in life expectancy in the UK.
Who is impacted?
People who had hoped to take an early retirement could be affected by the changes, as they may have to alter their plans.
However, not everyone will be impacted equally, as a large number of people will not be able to afford an early retirement, whether it be at age 55 or 57.
The state pension age is different to the NMPA as it dictates when Britons can access their state pension, rather than their private pension.
The next state pension age hike is on course to kick in between 2026 and 2028.
This increase to the state pension age will take it from 66 up to 67.
It is then scheduled to rise once more to 68 by 2046.
