What’s happening?
The Government has announced it will increase the Normal Minimum Pension Age from 55 to 57 on 6 April 2028. So, from 6 April 2028 you’ll need to be aged 57 or older before you can access your pension (if you intend to take your benefits early).
Why is this important?
Currently, you must be aged 55 or over to start taking money from your pension. This is called the Normal Minimum Pension Age and it’s set by the Government.
The Normal Minimum Pension Age isn’t the same as the Plan’s Normal Retirement Age, which is typically the age you can take your pension from the Plan without any reduction for early payment or requiring consent from the Trustees or your employer. Your Normal Retirement Age in Lafarge UK Pension your will depend on your section, if you’re not sure what this is please contact us.
How does this change affect me?
If you are thinking of taking early retirement, you need to check how the change could affect your plans.
There are still some circumstances where you might be eligible to take retirement before age 57, for example if you are suffering from ill health or have a protected pension age.
What it means for different members
- Born on or before 6 April 1971: No impact because you will already have reached age 57 by 6 April 2028.
- Born between 6 April 1971 and 5 April 1973: You have a window from your 55th birthday and 5 April 2028 to access your pension savings before the increase to 57. If you choose not to take any pension savings during this period, you will not be able to access your pension until at least your 57th birthday.
- Born after 5 April 1973: If you were born after 5 April 1973, the earliest you can access your pension will now be age 57. This change means you may need to review your financial plans if you had previously planned on taking early retirement, considering options such as working longer, adjusting your savings, and refining your long-term financial strategy.
Protected Pension Age
A Protected Pension Age is a special provision that allows some pension scheme members to access their pension benefits earlier than the standard Normal Minimum Pension Age. You do not have a Protected Pension Age in the Lafarge UK Pension Plan.
Need help?
If you’re thinking about accessing your savings, we recommend speaking to a financial adviser first. If you have benefits in the Plan (even though you no longer work for Lafarge), you could have a free advice session with an Independent Financial Advisor to discuss your options – visit the financial advice overview for full details of this service.
You can also find a financial advisor through MoneyHelper, the free government backed service providing guidance and information to make effective financial decisions.
