When is the State Pension Age changing?
In 1926, when the State Pension Age was first set at 65, three out of five people died before they were able to claim a pension!
At the moment, the State Pension Age is still 65 for men (less for women), but the retirement age will change in the future for both men and women.
Increasing the State Pension Age for women
The State Pension Age for women was 60 until April 2010. By 2020, it will be 66. This will be achieved by gradually increasing the State Pension Age over this period.
So if you turn 60 before 2020, your State Pension Age will be more than 60, but will not be as high as 66 until 2020.
Increasing the State Pension Age for men
The new coalition government plans to increase the State Pension Age for men to 66 by 2020. The change will be achieved gradually starting in 2018.
Will it affect you?
To discover how you are affected by these changes, check your retirement date by using the State Pension Age calculator:
And that’s not all…
Unfortunately, it doesn’t end there. The government has also said that the State Pension Age will need to be raised further and has announced its intention to seek a more ‘automatic mechanism’ to link future increases in the State Pension Age with improvements in life expectancy. What’s more, the government announced in November 2011 that the State Pension Age will now increase to 67 between 2026 and 2028. The first review will be in the next Parliament and the results published by 7 May 2017.