Please note that from 6 April 2028, the Normal Minimum Pension Age will increase to 57, so if you were born after 6 April 1971, the earliest age that you will be able to start taking money from your pension is 57. (You may be able to retire earlier if you have a protected retirement age or retire due to ill health).
Unless you tell the Trustees something different, we'll assume you're going to take your Plan savings at age 65 – we call this the Plan's default Target Retirement Age.
You can change your Target Retirement Age at any time and choose an age that is earlier or later than the Plan's default Target Retirement Age. It's important that you choose a realistic age for when you expect to access your Plan savings. This is for two reasons:
- If you invest in a Lifestyle, the way that your Plan savings are invested will automatically be changed as you approach your selected Target Retirement Age so you should be sure that the Target Retirement Age that you choose is actually the age from which you want to take your Plan savings.
- The Target Retirement Age you select will be used in your Annual Benefit Statement to estimate the value of your Plan savings at your chosen Target Retirement Age.
As you approach retirement it's important to check that your investments reflect how you want to use your Plan savings when the time comes.
It is important that you read the ‘Things you need to think about' section. If after reading the information you think that changing your Target Retirement Age is what you want to do, please complete this form to change your Target Retirement Age from the Plan's default Target Retirement Age.
It is important to review your Target Retirement Age over time to check that this still fits with your retirement savings plans. If you have any queries about this process please contact the helpline on 0345 072 0266.
