Pension detail many miss – why we’re in a critical window for checking | Personal Finance | Finance

There’s a small but significant pension detail that’s easy to overlook, and 2026 marks a critical window to check whether it applies to you. Most people can’t access their private pensions until age 55, but this minimum age is rising to 57 on April 6, 2028. The change will affect people born after April 6, 1971. However, some savers have a special right to take their pension earlier, regardless, and this is known as the protected pension age (PPA).

A protected pension age allows you to access certain pension benefits before the  normal minimum pension age (NMPA). In many cases, this protection sits at age 55, effectively shielding you from the 2028 increase. Some older schemes for those in occupations which are considered “dangerous” or high-impact, like those of athletes or offshore workers, even allows access from age 50.

The PPA usually applies if you were a member of a pension scheme on or before November 3, 2021, and the rules gave you an “unqualified” right to take benefits early – meaning you didn’t need your employer’s or a trustee’s permission to do so.

Members of uniformed service pension schemes will not be affected by the normal minimum pension age increase. However, for those it does apply to, it must be noted that the protection doesn’t automatically apply to every pension that you own – it’s scheme-specific.

We’re now two years away from the 2028 rule change, so anyone planning early retirement at 55 could be caught out if they simply assume they’ll still have access. 

For example, if you’re 53 or 54 in 2026 and aiming to retire at 55, making the important pension age check now gives you time to adjust your plans. If you don’t have protection, you may have to bridge a two-year income gap. And if you take your pension before the NMPA without a PPA, it usually triggers an “unauthorised payment” charge of up to 55%, which could cost you thousands.

It’s also crucial to check before consolidating pensions, because transferring a protected pension into another scheme could mean losing that protection (unless done carefully). So, if you’re approaching your 50s or mid-50s and plan to retire between 55 and 57 – or are considering a pension transfer or consolidation – this check is for you. 

Contact your pension provider and ask them if you have a protected pension age, or review the documents for your pension scheme(s). This small check can protect big plans, so figure this out sooner rather than later. If you’re unsure, speak to a regulated financial adviser. You can find one on unbiased.co.uk. 

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The essentials grant you may have missed with £4.6million handed out each year

Do you work, or have you retired from, a job in the UK grocery industry? Supermarket or convenience store staff, or a warehouse operative? A food producer? If you’re struggling to make ends meet, you might be eligible for a GroceryAid financial grant. 

These grants can help out with everything from essential household bills and rent arrears to unexpected bumps in the road. The amount given depends on your individual circumstances and is subject to the charity’s eligibility criteria, but around £4.6million in grants is distributed by the charity every year, so it’s certainly worth checking if you qualify. 

Some requirements include that, for those currently working in the industry, you must have been working there for at least six months. If you’re no longer employed, you must be able to prove at least five years of experience in the grocery industry. Your grocery career must also have ended due to retirement, redundancy, ill-health or caring responsibilities. 

There are a few other financial requirements to meet before you get approved, but it’s worth going through and checking, because the support can be significant. Some may qualify for grants worth thousands of pounds each.

One anonymous recipient who reached out to the charity while off sick and needed his wife to care for him received a £2,500 Carers grant. The man said the support was “very easy” to apply for. If you don’t work in the grocery industry, don’t worry, there are many other industry-specific charities offering similar support measures.

For example, Retail Trust (for those working in shops that aren’t predominantly food-based), Hospitality Action (for hospitality workers), Licensed Trade Charity (for the drinks industry), Lighthouse Charity (for the construction community), or the RCN Foundation (for nursing and midwifery workers), to name a few.