Pension Age Calculator UK

Protected Pension Ages

Exceptions exist. If you joined a pension scheme before 4 November 2021, and that scheme's rules included an "unqualified right" to take benefits at age 55, you may retain a Protected Pension Age of 55. This protection is specific to the scheme, not the individual. If you transfer your pension out of such a scheme, you may lose this protection unless it is part of a "block transfer" (transferring with at least one other member).

It is vital to check your policy documents or contact your provider to confirm if you hold a protected pension age. Do not assume you are protected simply because you opened the pension years ago; the scheme rules must be specific regarding the age 55 right.

State Pension Age Timetable

The State Pension is a regular payment from the government that you can claim if you have reached State Pension age. It is separate from your private pension. The age is currently 66 for both men and women.

• Age 66: The current standard.
• Age 67: The age will gradually rise to 67 between 2026 and 2028.
• Age 68: Under current law, this is scheduled between 2044 and 2046, affecting those born after April 1977. However, various reviews (such as the Cridland Review) have suggested accelerating this to the late 2030s.

Our calculator above uses the current legislative timetable. Keep in mind that government policy can change, particularly for younger workers.

Public Service Pensions (NHS, Civil Service, Teachers)

Public sector pensions are Defined Benefit (DB) schemes, meaning the payout is based on salary and years of service rather than a pot of money. These have their own complex rules regarding retirement ages.

NHS Pension Scheme

The NHS pension is divided into sections, and your retirement age depends on which you belong to:

• 1995 Section: Normal Pension Age is 60. You can retire from age 55 with an actuarially reduced pension.
• 2008 Section: Normal Pension Age is 65. Minimum pension age is 55 (reduced).
• 2015 Scheme: Normal Pension Age is linked to your State Pension Age (e.g., 67 or 68). You can take benefits early from age 55 (rising to 57 in 2028), but with significant reductions because the pension is paid for longer.

Civil Service & Teachers' Pensions

Similar to the NHS, older "legacy" schemes (Classic, Premium, Classic Plus for Civil Service; NPA 60 for Teachers) allow retirement at 60. Newer schemes (Alpha for Civil Service; Career Average for Teachers) are linked to the State Pension Age. The "McCloud Remedy" allows members affected by the 2015 reforms to choose which scheme benefits they wish to accrue for the period between 2015 and 2022, effectively offering a choice of retirement age rules for that specific period of service.

Tax Implications of Accessing Pension

When you do reach the eligible age, accessing your pension has tax implications. Usually, you can take up to 25% of your pension pot tax-free. The remaining 75% is taxed as income at your marginal rate.

Warning: Taking taxable income from a Defined Contribution pot triggers the Money Purchase Annual Allowance (MPAA). This reduces the amount you can continue to contribute to a pension tax-efficiently from £60,000 a year down to just £10,000. Be very careful if you plan to continue working and saving after accessing your pension.

QROPS and International Considerations

For UK expatriates or those planning to retire abroad, transferring to a Qualifying Recognised Overseas Pension Scheme (QROPS) is an option. However, the NMPA rules (55 rising to 57) generally apply to QROPS as well if the funds originated from UK tax-relieved contributions. Since 2017, the "Overseas Transfer Charge" of 25% may apply to transfers outside the EEA unless you reside in the same country as the scheme.

Summary of Retirement Ages