State pension payments are seen as the bedrock of retirement income, and so understanding when a person is eligible is key. While there was speculation about an acceleration to planned increases, further clarity has recently been provided.
The Government has confirmed the state pension age timetable will remain unchanged for the time being.
This means they will stick to the current legislated timetable, which is as follows:
- Increase from 66 to 67 – between April 2026 and April 2028.
- Increase from 67 to 68 – between April 2044 and April 2046.
Mel Stride, work and pensions secretary, recently told the Commons there was uncertainty about various factors.
He therefore suggested a new review would take place in the coming years to reexamine the matter.
Mr Stride explained: “Given the level of uncertainty on data about life expectancy, labour markets and the public finances, and the significance of these decisions on the lives of millions of people, I am mindful a different decision might be more appropriate once these factors are clearer.
“I therefore plan for a further review to be taken within two years of the next Parliament to consider the rise to age 68 again.”
Many will want to gain the best understanding of when they are set to receive the state pension, so they can plan accordingly.
People can check their state pension age via a useful tool on the Government’s website.
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The tool can help Britons confirm when they are set to reach state pension age, their Pension Credit qualifying age, and when they will be eligible for free bus travel.
However, people should be aware this could be subject to change in the future if the law is altered.
Individuals can keep working after they reach state pension age.
This is because ‘default retirement age’ – a forced retirement of age 65 – no longer exists.
People can also use the state pension forecast to find out how much money they can expect to receive.
The forecast tool, available via the Government website, helps Britons find out:
- How much state pension they could get
- When they can get it
- How to increase it, if possible.
From April 10, the rates of the state pension will also change for eligible Britons.
Under the triple lock, a record boost of 10.1 percent will be delivered. This is in line with September 2022’s CPI inflation figure.
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The new rates will be as follows:
The full new state pension will rise from £185.15 to £203.85 weekly. Some may get less if they were contracted out before April 6, 2016.
The old, basic state pension will rise from £141.85 to £156.20 per week.
The married woman’s, or Category B, basic state pension will increase from £85.00 to £93.60 a week.
Finally, the Category C or D non-contributory state pension will also increase from a weekly payout of £85.00 to £93.60.
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