State pension age continues to rise

When planning for retirement it is crucial to know what state pension you are entitled to, and when you will get it.

The level of the state pension has become more straightforward thanks to the introduction of a flat-rate pension in 2016. But figuring out when you will receive your pension has become more complex.

Women used to collect their state pension at the age of 60 and men received theirs from age 65, but the state pension age (SPA) for women has been rising. By the end of this year it will be equal with men.

This will not be the end of the increases, because from December 2018 the SPA will start to be increased to 66. It will then ratchet up to 67 from 2026.

Who is affected by these changes?

If you were born between 6 October 1954 and 5 April 1960 you will reach your SPA at 66. If you were born after 6 April 1961 you won’t reach your SPA until your 67th birthday.

There are two periods when the SPA will rise each month according to your date of birth.

The first affects those born between 6 December 1953 and 5 October 1954. The second (increasing SPA from 66 to 67) affects those born between 6 April 1960 and 5 March 1961.

Staying informed

Many women who have seen their state pension age rise in recent years have complained they were not given sufficient warning about these changes.

We can help you understand how these changes will affect you and your retirement planning. In particular, we can advise you how to bridge the gap between the time when you expected to get your state pension and when it will actually be paid.

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