The state pension age is increasing – everything you need to know

From October the state pension age in the UK will increase, affecting millions of people.

On October 6 the age will rise to 66, from 65 for men and 60 for women.

It means that anyone currently 64 or younger (anyone born after October 5, 1954) will have to wait at least an extra year before they can start claiming their state pension.

But for some women, next month’s change will reflect a six-year increase to the date they were expecting to receive the benefit.

(Image: Kirsty O’Connor/PA Wire)

Back in 2010, women could claim their state pension from 60, while men could claim theirs at 65, but in 2018 women had their state pension age also increase to 65.

Further increases to the pension age are also expected for younger generations too.

The equalised state pension age will rise to 66 next week, and then again to 67 in 2028 and to 68 from 2037.

The state pension age is of course just the earliest moment that someone can claim their state pension, personal pensions may differ.

The value of the state pension was also put into perspective by life insurance and pensions company Aegon.

It calculated that, at current prices, you would need £336,500 worth of savings to replace the full state pension of £175.20 a week.

“This may seem huge, but for most people, relying on the state pension alone won’t provide the lifestyle they aspire to in retirement,” Aegon pensions director Steven Cameron said.

This is why it’s vital to plan ahead for the retirement you want by making additional personal provision, for example by saving through a workplace or personal pension,” Cameron said.

“And the sooner people start on that journey the longer their contributions have to grow with investment returns.”

He added: “To plan ahead for the retirement you aspire to, it can pay to seek professional advice.”

Cambridgeshire Live – Home