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<p>The normal minimum pension age is the minimum age at which most pension savers
can access their pensions without incurring an unauthorised payments tax charge (unless
they are retiring due to ill-health). The normal minimum pension age was set at 50
in 2006 when it was introduced and since then, life expectancy at birth for both men
and women increased significantly. According to the latest data from the Office for
National Statistics, life expectancy has also continued to increase since 2014, when
the Coalition Government announced it would increase the normal minimum pension age
from 55 to 57 in 2028.</p><p> </p><p>Increasing the normal minimum pension age reflects
increases in longevity and changing expectations of how long individuals will remain
in work and in retirement. Raising the normal minimum pension age to age 57 keeps
it around 10 years behind state pension age, and could encourage individuals to save
longer for their retirement, and so help ensure that individuals will have financial
security in later life.</p><p> </p><p>In 2014 the Coalition Government announced that
the normal minimum pension age would increase from age 55 to 57 in 2028, following
a consultation on the appropriate normal minimum pension age for individuals to access
their private pensions without incurring an unauthorised payments tax charge. On 11
February the Government published a consultation on the appropriate protection regime
for individuals who have unqualified rights to access their pension before the minimum
age. The consultation is open until 22 April 2021. The normal minimum pension age
increase will not apply to the public service pension schemes for firefighters, police
and the armed forces.</p>
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