Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Preservation definition

What does Preservation mean? In pensions practice, preservation refers to statutory rules that protect a member’s accrued pension rights when they leave service before retirement, so those rights are kept (deferred) rather than forfeited. In England & Wales and Scotland, preservation is set mainly by the Pension Schemes Act 1993 and the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991; Northern Ireland has parallel provisions in its 1993 Act and Regulations; Ireland’s regime is under the Pensions Act 1990. Key features include: a vesting/qualifying service period (typically two years) after which the member becomes entitled to preserved benefits; provision of at least short service benefit,...

Occupational pension schemes: preservation for early leavers—qualifying service, calculations (including uniform accrual), disclosure, alternatives and penalties; effect of the normal minimum pension age rising to 57 in 2028

Published by a LexisNexis Pensions expert

Practice notes

FORTHCOMING DEVELOPMENT :

Section 10 of the Finance Act 2022 will raise the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028, excluding members of the firefighters, police and armed forces public service pension schemes. The same Act will additionally permit members of registered pension schemes to access benefits before age 57 where, on or before 4 November 2021, either of the following applied:

they already held an unqualified right to take benefits from that scheme; or
they were part-way through a substantive transfer to a scheme conferring an unqualified right to a protected pension age below 57 on or before 4 November 2021.

These conditions preserve access to a protected pension age of under 57 where satisfied by that date. To rely on this new 2028 protection, the scheme’s rules must, as at 11 February 2021, have provided an unqualified right to draw scheme benefits before reaching 57. For more details, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact.

THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMES. In this Practice Note, any reference to a scheme’s trustees should be read as including the manager of that scheme...

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Web page updated on 21/05/2026

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