The state pension age will start to increase from 66 to 67 from next year, affecting people currently in their 50s and early 60s who may have to work longer than anticipated
The Government has disclosed the birth dates of individuals who won’t receive their state pension until they reach 67, as part of significant changes to the pension age.
Starting next year, the pension age will begin to rise from 66 to 67.
This will impact those currently in their 50s and early 60s who may have to extend their working years beyond what they had planned.
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The DWP has confirmed that people born after 6 March 1961 (currently aged 64) will not receive their state pension until they are 67.
In addition, changes will also affect people born after April 1960 as the pension age increases incrementally each month.
For instance, someone born between September and October 1960 will have to wait until they are 66 and six months to receive their pension.
A recent survey revealed that over one in five people could not accurately pinpoint when their state pension begins, suggesting many may be unprepared for the change.
The pension age typically rises every few decades, reflecting increased life expectancy and an ageing population.
Some individuals in their 50s and early 60s may now need to determine if they have sufficient savings or funds from a private pension to avoid having to work longer.
This news comes amidst rumours that the Government might consider advancing the next increase to 68 from the currently scheduled date of 2044.
However, at least 10 years’ notice would be required to allow people to prepare for retirement.
Specialists at Pension Bee have clarified: “Currently both men and women can claim this from the age of 66, but for those born after April 5, 1960, it’ll rise gradually each month and by one month at a time, until it reaches 67 in April 2028.”
They added, “It’ll eventually rise to 68, affecting those born after April 1977.”
