Millions of pension savers born between 6 April 1971 and 5 April 1973 could face an unexpected two-year delay in accessing their pension savings unless they act before April 2028, PensionBee has warned.

From 6 April 2028, the Normal Minimum Pension Age (NMPA) - the earliest age at which most people can access their defined contribution (DC) pension savings - will rise from 55 to 57.

The change is expected to affect workplace and personal pension schemes.

PensionBee said those born on or before 5 April 1971 would not be affected, as they will already have reached age 55 before the rule change comes into force.

Those born after 5 April 1973 will automatically face a minimum access age of 57.

However, the provider warned that there is a “cliff edge” for people born between April 1971 and April 1973.

Individuals turning 55 between 6 April 2026 and 5 April 2028 will have a limited window to start drawing from their pension.

If they do not access or “crystallise” their pension before 6 April 2028, they may then have to wait until age 57 before accessing their retirement savings, potentially delaying access by almost two years.

PensionBee vice president of personal finance, Maike Currie, said the rule change could come as a “nasty shock” for some savers.

“Many people simply assume they will be able to access their pension at 55, not realising the rules are changing,” she stated.

“There is a very specific cohort that faces a potential cliff edge. Miss the deadline to access your pension before April 2028, and you could find yourself locked out of your savings for up to two more years.”

However, Currie stressed that savers should not rush to withdraw pension savings unnecessarily.

“In many cases, leaving savings invested for longer may lead to a healthier retirement pot thanks to a few additional years of extra contributions and investment growth,” she continued.

“But it does mean people should start planning now. For anyone hoping to retire early, bridge a gap between work and retirement, or phase down working hours in their mid-50s, understanding these dates could be crucial.”

PensionBee also highlighted that accessing pension savings flexibly could trigger the Money Purchase Annual Allowance (MPAA), restricting the amount individuals can continue contributing to pensions tax-efficiently in future tax years.

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