State pension age to go up in 2026 for those born between these years | Personal Finance | Finance
The UK’s State Pension age is set to change from 66 to 67 next year, with the rise anticipated to be fully implemented for all men and women nationwide by 2028. This scheduled adjustment to the official retirement age has been UK law since 2014, with an additional increase from 67 to 68 planned for implementation between 2044 and 2046.
The Pensions Act 2014 increased the State Pension age from 66 to 67, but the age increase is phased in. Individuals born between March 6, 1961, and April 5, 1977, will be eligible to claim the State Pension once they turn 67. Being aware of these impending changes is crucial, especially if you have a retirement plan. The Department for Work and Pensions (DWP) will send a letter well in advance to all those affected by alterations to their state pension age.
Under the Pensions Act 2007, the State Pension age for both men and women will rise from 67 to 68 between 2044 and 2046.
The Pensions Act 2014 mandates a regular review of the State Pension age, at least once every five years. The review will be centred around the idea that individuals should spend a certain percentage of their adult life receiving a State Pension, reports the Liverpool Echo.
The state pension age in the UK, currently set to increase to 68, is due for a review before this decade ends. The Conservative Government had initially planned this review for two years after the General Election, which would have been 2026.
The review will take into account life expectancy and other relevant factors when determining the State Pension age. Following the review, changes to the State Pension age may be implemented by the UK Government. However, any proposed changes must receive parliamentary approval before becoming law.
The earliest age you can start receiving your State Pension may not be the same as when you can access a workplace or personal pension. The online tool on GOV.UK allows anyone, regardless of age, to check their State Pension age – a crucial step in planning for retirement.
Check your State Pension age online here.
