In our weekly series, readers can email in with any questions about retirement and pension savings to be answered by our expert, Rachel Vahey, head of public policy at investment platform AJ Bell. There is nothing she does not know about pensions. If you have a question for her, email us at money@theipaper.com.
Question: I have got both a workplace pension and a Self Invested Personal Pension (SIPP). I want to cut my working hours next year and I am wondering if I can make up the income by taking some money from my SIPP.
I thought I could take my pension money from 55 – which I will be next February, as I was born in 1972 – but I have read that the pension access age is going up. Can you tell me if this is right, and what it means for me?
Shorts
Answer: At the moment, most people cannot access their private pension savings until they turn 55. This is known as the normal minimum pension age (NMPA). From 6 April 2028, it will rise to 57.
