The state pension age refers to the legal requirement to claim the British state pension, and the age at which you’re eligible to receive this benefit has changed over time.
If you were born after 6 April 1951, your state pension age depends on your date of birth and whether you’re male or female.
Although the government has announced plans to increase the state pension age in the coming years, you can still plan ahead by understanding what factors affect your eligibility for this important benefit.
State pension age
The state pension age is the earliest age at which you can claim your state pension. It is set by law and is currently 66 for men and 66 for women, but it is due to increase to 67 for both sexes in a few years time.
The state pension age has been slowly rising over the years in line with life expectancy, and it is expected to continue to do so in order to keep the system sustainable.
There are some exceptions to the state pension age, such as if you have a certain number of years of National Insurance contributions or if you are in receipt of a disability benefit.
If you are in one of these groups, then you may be able to receive your state pension before the legal retirement age.
The state pension age future changes
The state pension age is the earliest age at which you can claim your state pension. It is also known as your retirement age.
The government has said that the state pension age will rise to 67 between 2026 and 2028, and to 68 between 2037 and 2039.
Pension Inflation
The government has plans to further increase the state pension age to 67 between 2026 and 2028, and then to 68 between 2037 and 2039. These increases are necessary to ensure that the state pension remains affordable and sustainable in the face of an ageing population, rising life expectancy and the expensive government promise of the triple lock .
In short, this will mean that many people will have to wait longer before they can claim their state pension.
Changes to women's state pensions
The age at which women can claim their state pension is also gradually increasing and is currently 66. It will reach 67 between 2026 and 2028.
The government has said that it plans to review the state pension age again in 2030. Women born after April 6th 1953 can have an increased retirement age of 67 if they are eligible for a full basic state pension (currently £178 per week).
Women born before April 6th 1953 may have to work an extra years now to make ends meet before they retire on a part-time basis or fulltime basis.
Pensions in UK
Whilst the state pension age when you can start receiving your pension is currently 66 for both sexes, you can start receiving your private DC pension as early as 55 or as late as 70, depending on when you were born.
If you claim your pension before reaching your official retirement age, your payments will be reduced, or your pension pot will have to last longer.
Different countries have different retirement ages
The uk state pension age is the earliest age at which a person can start receiving their government-provided retirement benefits and is currently 66 rising to 68in the future.
The age varies depending on the country, but is usually between 60 and 70. In some countries, the state pension age is linked to life expectancy, so it changes as life expectancy changes and can be higher or lower than the uk state pension age.
In others, it's set by law and doesn't change. The state pension age is different from the private pension age, which is set by each individual company scheme and could be 58, 60, 62 or 65.
If you work for yourself or work for an employer who doesn't offer pensions, then the state pension may be the only form of retirement income available to you once you reach that age, unless you also have a DC scheme in place.
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