United Kingdom | Publication | August 2024
The Normal Minimum Pension Age (NMPA) is due to increase from age 55 to age 57 from April 6, 2028. On August 12, 2024, the Pensions Administration Standards Association published guidance on preparing for the change. The guidance provides a checklist of actions which should be taken to prepare for the new legislation.
Although the change is more than three years off, trustees and administrators are urged to act now to prepare so that ensure people with a protected pension age are identified in advance of the implementation date. The new regime differs in some significant respects from the previous one introduced when the NMPA was increased from 50 to 55 on April 6, 2010.
The Government plans to publish further transitional regulations at some point in the 2024/25 tax year. These will address situations such as where a member with a protected pension age retires between ages 55 and 57 and the NMPA increases before their benefits come into payment.
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The Court of Appeal has overturned a 2023 High Court decision in Manolete v White [2024], ruling that courts cannot issue injunctions requiring members to draw down their occupational pensions to make them available to judgment creditors.
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The Chancellor presented her maiden Budget on October 30, 2024.
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On October 29, 2024, the PPF published a response to its March 2024 consultation, confirming that it would proceed with its proposal to give actuaries the option of using a bespoke discount rate assumption in s. 143 valuations of smaller pension schemes.
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