The state pension age is scheduled to increase starting next year. Wondering how old you’ll need to be to claim it?
Currently, the state pension age for both men and women is 66, but it is planned to gradually rise to 67 between 2026 and 2028. If you were born between April 6, 1960, and May 5, 1960, you will need to wait until you are 66 and one month to claim your state pension, with the age steadily increasing until it reaches 67.
For those born from April 1977 onwards, the state pension age is expected to go up to 68. While there have been discussions about advancing this change, a decision has been postponed.
This adjustment follows a recent review of pension savings amid concerns that current workers may face increased retirement financial risks.
To address these issues, Work and Pensions Secretary Liz Kendall is reviving the Pensions Commission to explore ways to encourage individuals to save more for retirement.
If you want to know your state pension age, you can easily check it on GOV.UK by entering your date of birth. Remember, the state pension age is the earliest age at which you can start receiving the state pension.
It’s essential to differentiate the state pension from any workplace or private pension you may have. The minimum age to access private pensions is currently 55 but is planned to increase to 57 from April 2028.
The new state pension, currently valued at £221.20 per week for those eligible for the full amount, requires most individuals to have 35 qualifying years on their National Insurance record.
Additionally, the state pension increases annually in accordance with the triple lock pledge. Keep in mind that your state pension is distinct from any private or workplace pension arrangements you may hold.