STATE PENSION claimants may receive their retirement fund at different times depending on their age, with more than one type of pension now available. When can you claim State Pension?
State Pension is often the best hope for a retirement fund amongst UK residents, who rely on the monthly payments to live their post-work life. Although vital, it can also prove confusing, as the Government’s rules for the fund are often in a state of flux. As such, people may find they need to wait longer than other generations before claiming their pension.
When can you claim your State Pension?
The date claimants can receive their pension is known as the State Pension age.
State Pension age defines the earliest possible time someone can start receiving their money.
However, the date varies depending on when they were born.
State Pension age is in a state of flux, as the Government has recently adjusted retirement in line with longevity in the UK.
Currently, men and women can claim State Pension from 65, but this will shift to 66 by October this year.
Between 2026 and 2028 the age will shift again to 67, and then to 68 between 2037 and 2039.
The Government is yet to confirm the revised timetable but may decide to introduce further changes.
For those unsure about when they can claim their pension, officials have provided a handy tool.
People can navigate to gov.uk/state-pension-age to find out when they can start claiming.
The site states it works out when they can retire based on two modifiers: gender and age.
Those using the tool can discover their State Pension age, Pension Credit qualifying age, and when they can claim free bus travel.
The tool presents people with two options at first, either to calculate State Pension age or bus pass age.
If people select State Pension age, they will first need to input their date of birth and gender in that order.
Then, the tool will calculate individual State Pension and Pension Credit ages.
When it eventually comes to claiming a pension, it won’t happen automatically.
Those expecting to retire at State Pension age will receive a letter four months before they do so.
The letter should detail how they can claim their payments, which will likely include the following:
- Over the phone via the State Pension claim line
- Online via the Government Gateway, part of the Department for Work and Pensions website
- By downloading a State Pension claim form and sending it to their local pension centre