Brits approaching retirement are being urged to check their state pension age as changes are coming into effect. The Department for Work and Pensions (DWP) is gradually increasing the state pension age in the next two years.
It is rising from 66 to 67, meaning people will have to wait longer before receiving payments. The increase is being phased in over three tax years, until April 2028, for those born between April 1960 and March 1961. The changes are designed to reflect rising life expectancy and increasing cost of funding the state pension system. However, some financial experts have warned that some people have not been given enough time to adjust their retirement plans.
Some state pensioners will receive their money at age 66 and 1 month, in one-month increments, up to those who will get theirs at age 66 and 11 months, and then to those who will not receive theirs until age 67.
When you receive your state pension depends on your age. The monthly phase-in has been decided based on blocks of monthly birth dates, starting in April 1960.
The Government states: “The Pensions Act 2014 brought the increase in the state pension age from 66 to 67 forward by eight years.
“The state pension age for men and women will now increase to 67 between 2026 and 2028. The Government also changed the way in which the increase in the state pension is phased.
“Rather than reaching state pension age on a specific date, people born between April 6, 1960 and March 5, 1961 will reach their state pension age at 66 years and the specified number of months.”
The state pension age now depends on when you were born: