How long you'll have to wait to get your state pension

The Sun

3 days ago

MILLIONS of us may have to wait a little longer to get our state pension.
The government has just kicked off a new review into the state pension age, which could mean the goalposts are about to shift.
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Right now, the state pension age is 66.
It's already planned to rise to 67 between 2026 and 2028, and then to 68 between 2044 and 2046.
If you're 48 years and three months or younger, your state pension age will be 68.
For those aged 64 to 65, the state pension age gradually increases from 66 to 67, depending on your exact age now.
However, the latest review could mean the move to 68 happens sooner.
Rachel Vahey, head of public policy at AJ Bell, said: "An increase to state pension age from 66 to 67 is already slated to happen between 2026 and 2028.
"But it's less clear what will happen after that.
"There is also an increase to age 68 pencilled in for 2046, but a faster increase is definitely on the cards.
"The first two reviews of the state pension age advocated bringing this forward, but successive governments have treated the issue like a hot potato."
So, what does this all mean for you and your retirement plans?
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Why is the state pension age being reviewed?
The short answer is that we are, on average, living longer.
Chancellor Rachel Reeves said a review is needed to keep the state pension system "sustainable and affordable" for everyone, now and in the future.
The triple lock, which guarantees state pension increases in line with inflation, wages or 2.5%, has become increasingly expensive, with costs expected to hit £15.5billion by 2030.
Experts warn this could make promises to maintain the policy unsustainable without raising the pension age.
The government usually reviews the state pension age every six years, but this one is happening early to make sure the rules are fair and match up with how long people are living now.
This is the third review of its kind and is set to be completed by March 2029.
How is the state pension age changing?
The state pension age is currently set to rise from 66 to 67, and this change is already written into law.
The increase will be phased in between 2026 and 2028.
If you were born before April 6 1960, your state pension age remains 66.
This means anyone who is already 65 won't be affected and can start claiming their state pension when they turn 66 next year.
If you were born between 6 April 1960 and 5 March 1961 and are now aged between 64 and 65, your state pension age will be 66 plus a few extra months, depending on your exact date of birth.
For anyone born on or after March 6 1961, your state pension age will be 67.
The state pension age is then planned to rise again from 67 to 68 between 2044 and 2046 under current law.
Again, this affects people based on their date of birth.
This schedule is now subject to review but, as of now, affects people based on their date of birth and current age.
If you were born before April 6 1977, your state pension age will stay at 67.
This means anyone older than 48 years and 3 months will still be able to claim their state pension at 67.
But if you're younger than this, you'll have to wait until you're 68 to claim your state pension.
You can easily find out when you'll get your state pension using our handy tool.
Just enter your date of birth, and it will tell you.
How will a higher state pension age affect my retirement?
By James Flanders, Chief Consumer Reporter:
Raising the state pension age means people will have to wait longer to get their government-funded pension, which can be tough for those who rely on it as their main source of income.
It's especially challenging for people in physically demanding jobs or those with little in the way of savings, as they'll need to figure out how to cover the gap between stopping work and qualifying for the state pension.
But the good news is that private pensions give you more choice.
Right now, you can access private pensions from age 55, although this will increase to 57 in April 2028.
If you've been saving into a workplace pension or a personal pension, you could retire earlier than the state pension age, depending on how much you've saved.
You can take the money as a lump sum, set up regular payments, or even leave it invested to grow.
For those with enough savings, this flexibility means you can plan retirement around what works for you.
But if your private pension isn't enough, you might find yourself working longer and waiting for the state pension to kick in.
It's a reminder of why starting to save early and keeping an eye on your pension pot is so important for creating options later in life.
What could change in future?
The big question is whether the move to a state pension age of 68 will be brought forward.
An earlier government review, called the Cridland Review, recommended this rise should happen much sooner - between 2037 and 2039.
If the Cridland Review proposals are adopted, you could end up waiting a lot longer to claim your state pension.
If you were born before April 6 1970 and are now 55 years and three months old or older, your state pension age would stay at 67, so nothing would change for you.
However, if you're older than this and were born between April 6 1970 and April 5 1971, your state pension age would fall somewhere between 67 and 68.
For anyone born on or after 6 April 1971, the state pension age would be 68.
This means if you're 54 years and 3 months old now, you wouldn't be able to claim your state pension until you turn 68.
The big question is whether the state pension age will rise to 68 sooner than planned.
The government has decided to do another review instead of following the Cridland Review.
This new review, led by Dr Suzy Morrissey, will happen within the next two years.
It will explore all options for raising the pension age to 68 but must give at least ten years' notice before making any changes.
This means anyone retiring before 2037 won't be affected.
How does the state pension work?
AT the moment the current state pension is paid to both men and women from age 66 - but it's due to rise to 67 by 2028 and 68 by 2046.
The state pension is a recurring payment from the government most Brits start getting when they reach State Pension age.
But not everyone gets the same amount, and you are awarded depending on your National Insurance record.
For most pensioners, it forms only part of their retirement income, as they could have other pots from a workplace pension, earning and savings.
The new state pension is based on people's National Insurance records.
Workers must have 35 qualifying years of National Insurance to get the maximum amount of the new state pension.
You earn National Insurance qualifying years through work, or by getting credits, for instance when you are looking after children and claiming child benefit.
If you have gaps, you can top up your record by paying in voluntary National Insurance contributions.
To get the old, full basic state pension, you will need 30 years of contributions or credits.
You will need at least 10 years on your NI record to get any state pension.
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