In the past, women reached State Pension age on their 60th birthday and men on their 65th.
Your State Pension age is the earliest age that you can start receiving your State Pension – this may be different to the age you can draw a workplace or personal pension, which in most cases is 55.
It can be claimed when someone reaches their official State Pension age which currently depends on a person’s gender and date of birth.
However, the UK Government is in the process of raising State Pension ages to 66 across the board and there are plans to increase it to 68 between 2044 and 2046.
From next month, anyone born between October 6, 1954 and April 5,1960 will reach State Pension age on their 66th birthday.
The reasons for the changes are because State Pension age is regularly reviewed to make sure that the State Pension benefit is affordable and fair.
People are living longer, and spending a larger proportion of their adult life in retirement than in the past.
When the State Pension was introduced in 1948, a 65-year-old could expect to spend 13.5 years in receipt of it – around 23% of their adult life.
This has been increasing ever since and,in 2017, the UK Government said a 65-year-old could expect to live for another 22.8 years, or 33.6% of their adult life.
The Pensions Act 2014 brought forward the increase in State Pension age for men and women from 66 to 67 between 2026 and 2028.
The UK Government also changed the way in which the increase in State Pension age is phased so that 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 a specified number of months – this can be found on the GOV.UK website here.
(Image: Getty)
Who can receive State Pension payments?
State Pension payments can be received by anyone who has at least 10 years of National Insurance contributions and has reached State Pension age.
With all the State Pension age changes, some people may feel unsure about when they can retire.
The UK Government has provided a free and easy to use tool which can give an exact date for qualification.
On the GOV.UK website, it’s possible to check on an individual’s State Pension age using only the person’s gender and date of birth.
The tool provides information on when the user will:
How to use the Pension Age tool
Choose whether you are looking to calculate your State Pension age or bus pass age – you can do one, then check the other.
Once the State Pension age option is selected, input your date of birth.
Next, select whether you’re a man or woman.
The final screen reveals the exact date that you will reach State Pension age.
It’s also possible from this screen to get information on when you could become eligible for Pension Credit, get a pension forecast or receive other State Pension information.
Check your State Pension age here.
-- to www.dailyrecord.co.uk
