Your Plan Retirement Date and the new Minimum Pension Age
Your Plan Retirement Date is the age you tell us that you intend to take your Plan savings. It’s important because it’s how Standard Life know when to change your mix of investments if you are invested in one of the Lifestyle profiles.
You can currently take your Plan savings at any age from 55. Please note that the earliest age that you can take your pension will increase to age 57 from 2028.
The effect of this change will largely depend on when you were born:
- If you were born before 6 April 1971, the rise in the minimum pension age will have no impact on you as you will be age 57 before the change occurs.
- If you were born between 6 April 1971 and 5 April 1973, you will still be able to take your benefits from age 55 provided you take them before 6 April 2028. If you haven’t taken your Plan savings before 6 April 2028 then you will need to wait until your 57th birthday before you can take them.
- If you were born after 5 April 1973 - you will have to wait until your 57th birthday to take your Plan savings.
If you don’t select your own Plan Retirement Date, you are given a default Plan Retirement Date of 65. Remember, your Plan Retirement Date is different to your State Pension Age. Your current State Pension age may be 67 or 68.
If you have set a retirement date earlier than age 57 and you plan to retire after 2028, you will need to update this using Standard Life’s online servicing or the Standard Life app.
