Selected pension age meaning

The age chosen by a member of a personal pension or other defined contribution arrangement at which they intend to start taking pension benefits (for example, annuity purchase or drawdown). It is a provider or scheme term—also called selected retirement age or target retirement age—rather than a statutory definition. In practice it is used for benefit projections, communications and “lifestyling” or other de‑risking switches, and can usually be changed by the member. Selecting this age does not create a legal right to retire then, nor require benefits to be paid at that time. Payment remains subject to scheme or contract terms and legislative minimum ages. UK: benefits cannot normally be taken before the normal minimum pension age (currently 55, rising to 57 on 6 April 2028), unless a protected pension age applies or on ill‑health/serious ill‑health grounds. Ireland: personal pensions/PRSAs typically permit access from age 60 (earlier only on ill‑health), while occupational schemes set a normal retirement age (often 65) and may permit early retirement in limited circumstances (commonly from 50). Not to be confused with State Pension age or an occupational scheme’s normal retirement age.