The State Pension age will be rising from next year, the age is currently 66 for both men and women. It will gradually increase to 67 between 2026 and 2028 for those born after April 1960.

The transition process is then expected to be completed for everyone by March 2028. The planned change to the official age of retirement has been in legislation since 2014, with a further rise from 67 to 68, which is set to be implemented between 2044 and 2046.

The UK government also altered the phasing of the State Pension age increase, this means that instead of reaching the State Pension age on a specific date, individuals born between March 6, 1961, and April 5, 1977, will be eligible to claim the State Pension once they turn 67.

People will receive a letter from the Department for Work and Pensions in advance of the changes. The Pensions Act 2014 mandates a regular review of the State Pension age at least every five years.

This review will be based on the principle that individuals should be able to spend a certain portion of their adult life receiving a State Pension, A review of the proposed increase to 68 is due before this decade ends.

The State Pension age review will consider life expectancy and other relevant factors. Following the review’s findings, the UK government may decide to implement changes to the State Pension age. Any suggested changes must pass through Parliament before becoming law.

Your State Pension age is the earliest you can begin receiving your State Pension. It might differ from the age you can access a workplace or personal pension. The online tool on GOV.UK allows anyone of any age to check their State Pension age.

Your State Pension amount depends on your National Insurance record. The full rate of new State Pension is £221.20 a week. Your amount could be different depending on if you were contacted out before 2016, the number of National Insurance qualifying years you have and if you paid into the additional state pension before 2016.

UK State Pensioners are set for a financial uplift from April as new payment rates kick in. The State Pension rises with the dawn of each new tax year on April 6, and its increase is determined by three elements, known as the ‘triple lock’.

The new pension rates are decided by whichever is highest out of the consumer price index (CPI) measure of inflation (calculated for September the previous year), average wage growth between May and July of the preceding year, or 2.5%.

This year, both the basic and new State Pensions will see an uplift of 4.1%, aligning with the annual rise in the average weekly earnings index for May to July 2024.

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