The age for claiming the state pension is set to increase starting next year. Individuals born between April 6, 1960, and May 5, 1960, will see their state pension age rise from 66 to 67. This means that those born within these dates will have to wait until they reach the age of 66 and one month to claim their state pension, with the age gradually increasing until it reaches 67.
For individuals born from April 1977 onwards, the state pension age is projected to increase to 68, although a decision on this has been postponed despite calls for an earlier implementation. This comes after concerns were raised about the risk of retirement poverty faced by current workers, leading to the initiation of a review into pension savings.
To address these issues, Work and Pensions Secretary Liz Kendall will revive the Pensions Commission, last convened in 2006, to explore ways to encourage greater retirement savings among workers. The timetable detailing the state pension claim age based on birthdate was released under the Pensions Act 2014.
Individuals can verify their state pension age on the GOV.UK website by providing their birthdate. It is important to note that the state pension age is distinct from any workplace or private pensions individuals may hold. While the minimum age to access private pensions currently stands at 55, it is scheduled to increase to 57 from April 2028.
Current retirees are eligible for the new state pension, amounting to £221.20 per week for those qualifying for the full sum. Typically, a minimum of 35 qualifying years on the National Insurance record is necessary to receive the full state pension amount. The state pension increases annually in accordance with the triple lock pledge and remains separate from any private or workplace pensions an individual may possess.