STATE PENSION age is rising, but what is the current age at which retirees can claim their UK state pension payments? Will there be further changes in the future?
The state pension age has been rising, and it is continuing to do so under a number of government timetables. This means that some people are waiting longer than they would have previously had to, to claim their state pension.
In the past, the state pension age was 60 for women and 65 for men.
However, the state pension age for women reached 65 back in November 2018, following the Pensions Act 1995 and the Pensions Act 2011.
Now, the state pension is rising for both men and women.
This is under the Pensions Act 2011, and following a series of increases, it will reach 66 by October 2020.
The changes don’t stop there, however.
Under the Pensions Act 2014, the state pension age will increase from 66 to 67 between 2026 and 2028.
For these increases, the government changed the way in which the increase in state pension age is phased.
This means that 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.
The timetable for these changes can be found online on the government website, under the policy paper titled: “State Pension age timetable”.
Under the Pensions Act 2007, the state pension age for both men and women is to increase from 67 to 68 between 2044 and 2046.
The timetable which is available from the government is based on the current law.
Will the UK state pension age rise again?
Currently, it’s not known whether there will be further increases to the state pension age from 68.
Some political parties have addressed the state pension age changes in their manifestos, ahead of the General Election 2019.
The Labour Party has said it will abandon the Conservative Party’s plans to raise the state pension age, “leaving it at 66”.
A commitment in the manifesto reads: “We will review retirement ages for physically arduous and stressful occupations, including shift workers, in the public and private sectors.
“We will maintain the ‘triple lock’ and guarantee the Winter Fuel Payment, free TV licences and free bus passes as universal benefits.”
The Scottish National Party (SNP) has also referred to the state pension age increases in their 2019 manifesto.
The pledge reads: “We will always protect the Triple Lock, ensuring that pensions continue to rise by inflation, earnings or 2.5 per cent – whatever is highest.
“We will oppose any increase to the state pension age.
“We will also continue to support the WASPI campaign, and fight to reverse the cut to Pension Credit and demand that the government re-instates the free TV licence for all over-75s.”
We will maintain the ‘triple lock’ and guarantee the Winter Fuel Payment, free TV licences and free bus passes as universal benefits