Displaying items by tag: NMPA

I last wrote in my column on SIPPs Professional about the changes to Normal Minimum Pension Age (NMPA) back in October, when the rules were still under consultation. The industry had highlighted many issues with the proposals and asked for a re-think in terms of how the changes were brought in.

In the space of 24 hours earlier this month we had two new pieces of legislation which impact pension transfers. The fireworks started early on the anniversary of the discovery of the gunpowder plot, with the publication of the Finance Bill (No. 2) which includes the new rules on changes to normal minimum pension age (NMPA). Bonfire Night itself caused less of a bang with the introduction of the new rules on the statutory right to transfer.

The decision to raise the normal minimum pension age (NMPA) from 55 to 57 was announced back in 2014 at the same time as Pension Freedoms. Clearly this wasn’t the big headline at the time but now we have draft legislation we are seeing news stories as some of the complexities of how the change is being implemented come to light.