The state pension age is increasing starting today, impacting numerous future retirees. Currently set at 66 for both men and women, the state pension age is scheduled to rise to 67, commencing on April 6, 2026. Individuals born between April 6, 1960, and May 5, 1960, will be the first group affected, requiring them to wait until they reach 66 years and one month to claim their state pension.
This transition to a higher state pension age will occur gradually, with an incremental increase of one month until it reaches 67. This phase is expected to be finalized by April 2028. Moreover, there are considerations to further elevate the state pension age to 68 between April 2044 and April 2046, affecting individuals born from April 1977 onwards. Despite calls for an expedited implementation, a decision on this matter has been postponed.
To ascertain the age at which you can claim your state pension, a timeline based on birth dates and corresponding ages has been outlined in the Pensions Act 2014. You can verify your state pension age on the GOV.UK website by entering your date of birth. The state pension will see a 4.8% increase next week, in line with the triple lock policy that ensures annual adjustments to the state pension based on the highest growth rate among earnings, inflation, or 2.5%.
Following the adjustment, the full new state pension will rise from £230.25 to £241.30 per week, while the old basic state pension will increase from £176.45 to £184.90 per week. It is essential to note that the actual amount received may be lower depending on an individual’s National Insurance record.