personal finance

State pension age: What is the state pension age? Change comes into effect next month


The state pension age has been rising in recent times, with it formerly having stood at 60 for women and 65 for men. In November 2018, an increase to the state pension age for women meant it reached 65 for both men and women, under the Pensions Act 1995 and Pensions Act 2011. However, the state pension age has since risen for both sexes.

Under the Pensions Act 2011, since December 2018, the state pension age for both men and women has started to rise, and is set to reach 66 by October this year.

The changes have meant that people with different dates of birth have reached state pension age on a certain date of the year.

Another group of people are set to reach their state pension age in a matter of weeks, on May 6, 2020.

This applies to people who have the date of birth between July 6, 1954 and August 5, 1954.

READ MORE: Martin Lewis reveals his investing trick

The next significant date in the timetable will be July 6, 2020.

It’s on this date that people born on or betweek August 6, 1954 and September 5, 1954 will reach state pension age.

Then, people born on or between September 6, 1954 and October 5, 1954, will be able to claim their state pension from September 6, 2020.

Meanwhile, people born between October 6, 1954 and April 5, 1960, will reach their state pension age on their 66th birthday.

However, these aren’t the only changes in store.

Under the Pensions Act 2014, the state pension age for men and women will reach 67 between 2026 and 2028.

However, the way in which the increases are phased will change at this point.

Rather than reaching state pension age on a specific date, people who are born between April 6, 1960 and March 5, 1961, will reach their state pension age at 66 years and a specified number of months.

This tool will then tell the user on what date they will reach state pension age, as well as pointing out their exact state pension age.

This service also explains when a person will reach Pension Credit qualifying age.

Pension Credit is a means-tested benefit, and it may be that a person can get it if they’re retired and on a low income.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.