Regulatory Change – Proposed Changes to the Normal Minimum Pension Age

We have made a change to ATEB Suitability following a recent regulatory development.

 

 

What does this mean for me?

Following the Draft Finance Bill published on 20 July 2021, we have updated the wording of our ‘Proposed changes to Normal Minimum Pension Age (NMPA)’ section within the ‘Retirement Advice’ page of the main Suitability Report template. This section includes a standardised text option, pre-ticked for inclusion in all retirement advice reports, informing clients that the NMPA will increase from 55 to 57 on 6 April 2028, as well as the Government’s proposal to offer a protection regime, so that the following individuals will be protected from the increase to the NMPA:

  • any individual who is member of (or becomes member of) a scheme on or prior to 5 April 2023.
  • any individual who meets the condition above but who subsequently conducts a bulk (block) transfer to a new scheme.

Please don’t forget we have a collection of ‘how to’ guides, articles and hints/tips via our FAQs which are available on our Help & Support Portal.

Our support team are available 9am – 5pm / Mon – Fri to answer any further questions you may have support@atebsuitability.co.uk / 0191 338 8177.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

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About the Author

Director - Having joined us directly from university, David quickly developed into an indispensable member of the team. As our IT Director he is responsible for ATEB’s technology strategies, security systems and platforms. He has been at the forefront of the development of ATEB Suitability and instrumental in ensuring that the complex regulatory requirements are catered for in an interactive and intuitive fashion. He would be delighted to discuss its capabilities with you in more detail.

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