Thousands of Britons will have to wait longer to claim their state pension as the state pension age is to go up twice over the next few years. The state pension age is to gradually increase from 66 to 67 and then to 68.
Last week, a review into the state pension age was published, which confirmed the age will increase from 66 to 67 between 2026 and 2028.
Some analysts were expecting ministers to bring forward the transition from 67 to 68, but this is still set to take place between 2044 and 2046.
A person can check their state pension age using the state pension forecast tool on the Government website.
An individual will need to sign into their Government Gateway account to use the tool. A person can set up an account on the Government website.
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The Government is planning to review the move from 67 to 68 within two years of the next Parliament, following the general election.
Work and Pensions secretary, Mel Stride, said: “It’s essential the State Pension remains sustainable and fair across the generations.
“Our balanced approach will help achieve this and ensure we continue to provide security and dignity in retirement for millions of people across the country.”
Ministers also said they are “committed to the principle” of giving people 10 years’ notice of changes to the state pension age.
A person can significantly boost their income over the course of their retirement by topping up their contributions.
A woman recently appeared on Martin Lewis’ ITV show after she paid just under £1,000 in voluntary contributions, and is set to receive an extra £11,500 in state pension payments over her retirement years.
People of state pension age on low incomes may also want to check if they are eligible for Pension Credit, which can boost a person’s income by more than £3,000 a year.
The Government website has a calculator tool a person can use to find out how much Pension Credit they could claim.
Pension Credit payments are increasing by 10.1 percent in the new tax year, along with many other benefits, including Attendance Allowance, Carer’s Allowance and Universal Credit.
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