Keeley Paddon: Pointers for advisers after NMPA pension transfer window closure

Normal pension age rising to 57

clock • 4 min read

Keeley Paddon explores HMRC's decision to scrap the age 55 to 57 pension transfer window and explains what it means for advisers and their clients...

As you are almost certainly aware, on the 3 November, the government made the shock move of closing the pension transfer window for those aged 55 to 57, with no notice.  Under initial plans, people affected by the change who transferred to a scheme with a 'protected' pension age' by April 2023 could gain access to their money at the old lower age. However, a barrage of industry criticism and calls for a rethink prompted the Treasury to announce that, unless you are currently in the middle of doing a pension switch/transfer, the option of doing this to still benefit from an age 55 thre...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your Business

Legal insight: Understanding debt for equity swaps

Legal insight: Understanding debt for equity swaps

A DFES reduces debt burden to improve a firm's balance sheet and cash flow

Chantelle Adadevoh
clock 06 January 2025 • 4 min read
Editor's view: Your pre-holiday advice news aperitif

Editor's view: Your pre-holiday advice news aperitif

The editor's Friday Night Takeaway from 20 December

Jen Frost
clock 20 December 2024 • 2 min read
How advisers keep up client engagement at Christmas

How advisers keep up client engagement at Christmas

PA looks at how advice firms touch base in the festive season

Isabel Baxter
clock 19 December 2024 • 3 min read