In Focus: Retirement Income  

Is the new NMPA a Trojan Horse?


Date of Birth



Pre 06/04/1971

Already 57 by 06/04/2028, no impact

Post 06/04/1971

Protected pension age (if subsequently transferred will need to be block transfer)


Pre 06/04/1971

Already 57 by 06/04/2028, no impact

Between 06/04/1971 and 05/04/1973

Will be 55 prior to 06/04/2028, therefore possible to take some/all benefits prior to that date

Post 06/04/1971

NMPA = 57

Note that in the table a block transfer is referenced as the consultation intimates that for an individual to retain the proposed protection on any subsequent transfer to another scheme, then it must be in the form of a block transfer.

However, there is no detail as to how the block transfer rules will apply and so there are some possible anomalies. A simple one is how will an individual be treated if they initiated a transfer from a scheme pre February 11, in which they would have had a protected pension age, but it wasn’t concluded until after that date.

Under the receiving scheme there will also be protection for members at February 11, but as there was no requirement for a block transfer at the time of starting the transfer the big question is whether the individual will lose their protection?

Unfortunately, for individuals in that position the “horse has already bolted” and we will now just have to wait and see what is introduced in the legislation.

Neil MacGillivray is head of technical support at James Hay