State Pension: Age change comes into effect this week – these people are affected

State Pension: Age change comes into effect this week – these people are affected

State Pension age has been undergoing a series of radical changes within the last 10 years which have affected many. From 2010, the Pension age has risen to 65 for women, in a process known as equalisation, that is, to match the age at which men become entitled to the pension sum. The pension sum is managed by the Department for Work and Pensions (DWP), and is often considered as a valuable source of support for individuals who have put in years of National Insurance contributions.

The State Pension system is currently split into two tiers, which affect different people.

On the basic State Pension, the maximum amount a person can expect to receive at present is £134.25 per week – this is for those who have 30 years or more in NI contributions.

However, for those who are claiming the new State Pension, a person must have a minimum of 10 years in NI contributions, and they could receive a maximum of £175.20 per week.

The State Pension age has been undergoing slow and incremental increases from 65 to 66 since December 2018.

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Under the current timetable, the next group of people who will be affected are those born between October 6, 1954 and April 5, 1960.

However, these are not the last of the planned changes the government seeks to enact to the State Pension age.

Further rises can be expected in the future, which will affect swathes of people right across the country.

The government says it will be increasing State Pension age due to the higher life expectancy in the UK.

As Britons are spending more of their adult lives in retirement than ever before, according to the government, adjustments need to be made to take this into account.

A review undertaken in the last few years saw the government announce plans to bring its State Pension age timetable forward.

As a result, the State Pension age is set to increase to 68 between 2037 and 2039.

These changes, like the alterations happening at present, will occur incrementally.

State Pension age changes, however, may prove complex to keep up with.

But thankfully, the government has provided Britons with a tool to check their eligible age against the government’s current timetable.

The tool can be accessed by logging on to the government’s portal on their official website.

The age tool prompts users to enter their date of birth and gender, and it will then reveal the age at which they are likely to be able to retire, and thus claim the pension sum.

The tool also provides other useful information, including that which concerns free bus travel and the entitlement to Pension Credit.

Published at Mon, 31 Aug 2020 06:52:00 +0000