Britons receive urgent state pension age warning as ‘thousands misunderstand’ DWP rule

Just four-in-10 people with a state pension age between 66 and 67 correctly know their SPA within three months.

A concerning 42 per cent overestimated when they can claim their pension, while 12 per cent underestimated it.

Five per cent admitted they had no idea when they could access their state pension.

For those whose SPA is specifically 67, the picture is slightly better, with 60 per cent knowing their correct age.

The research suggests that overall, around 60 per cent of respondents accurately identified their SPA within three months.

Meanwhile, 18 per cent overestimated it, stating their SPA was higher than it actually is.

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The IFS expressed particular concern that 11 per cent did not know their SPA at all.

Another 11 per cent underestimated it, meaning 22 per cent of individuals have knowledge gaps.

These misunderstandings could lead to poor decision-making about savings or retirement timing.

This equates to approximately 130,000 people who either underestimate or do not know what their state pension age is.

Such knowledge gaps could result in costly surprises for those planning their later life.

These misunderstandings could lead to poor decision-making about savings or retirement timing

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IFS senior research economist Heidi Karjalainen said that while most people in their 60s are well informed about their SPA, the findings remain concerning.

“If individuals discover that they have to wait longer than they had thought to claim the state pension, they may regret having retired or not having saved more,” she warned.

She emphasised this is “especially important” as the state pension age rise from 66 to 67 is “imminent”.

“It is important that there are clear communications from both the government and private pension providers,” Karjalainen added.

The next rise in the state pension age will begin in April 2026, affecting anyone born after 6 April 1960.