Protected retirement age

[Early-bird]

Fortunate to have a SIPP with a protected retirement age of 55. I have several other DC schemes but without this useful benefit. Would there be any reason not to transfer these in and gain this useful benefit? Fees aren’t very different and same investments supported.

[butchstewie]

I would suggest check with the scheme explicitly if this is supported.

I don't think they all do.

[BoRED S2upid]

If they allow it it’s a no brainer right now my 55 scheme is looking incredibly valuable looking where the state pension is moving to.

[markiii]

HMRC have specific rules against that, for just this reason

[trickywoo]

I’d be very surprised if transfer in was allowed to still qualify for the protected age. Worth checking though.

[SkinnyPete]

markiii said:

HMRC have specific rules against that, for just this reason

Can you share a source for that?

Edited by SkinnyPete on Friday 20th February 19:51

[Early-bird]

Thanks all, found the below.

“The answer to the question what happens if you transfer into a scheme with a protected age before April 28, if you were wondering, is subject to debate. Some within the industry believe that transferring rights from a scheme subject to the NMPA that will be accessible from 57 after 6 April 2028, to one with a lower protected pension age, will result in the receiving scheme’s protected age being adopted in full, provided of course the criteria around membership before 4 November 2021 are met.

My understanding is that transfers between schemes with protected pension ages of 35 and 50 (for those with one of the prescribed occupations in legislation) work on the same basis.”

https://www.investcentre.co.uk/articles/preserving...

Have formally requested clarification but would seem is possible based on a few sources.

[SkinnyPete]

Early-bird said:

Thanks all, found the below.

The answer to the question what happens if you transfer into a scheme with a protected age before April 28, if you were wondering, is subject to debate. Some within the industry believe that transferring rights from a scheme subject to the NMPA that will be accessible from 57 after 6 April 2028, to one with a lower protected pension age, will result in the receiving scheme s protected age being adopted in full, provided of course the criteria around membership before 4 November 2021 are met.

My understanding is that transfers between schemes with protected pension ages of 35 and 50 (for those with one of the prescribed occupations in legislation) work on the same basis.

https://www.investcentre.co.uk/articles/preserving...

Have formally requested clarification but would seem is possible based on a few sources.

I searched too, and the results were vague.

I've emailed my provider (Scottish Widows) as I recently moved a seperate pension to them (which also had a protected age of 55).