The rise of the state pension age
Recent years have seen an increase in the state pension age for women in an effort to close the gap between men and women. Changes began in 2010 when the state pension age for men and women stood at 60 and 65, respectively.
Yet it looks like the state pension age is on the rise again under new government plans.
But what is the current state pension age?
Well, it all comes down to when a person was born as to what their state pension age will be. You can find a calculator on the governments gov.uk website, this allows a user to find what their state pension age will be and the date in which they will reach that age.
According to current government plans, the state pension age is to reach 66 for both sexes by October 2020. This will increase even further after 2026 when the state pension age will reach 67, and again to 68 in 2037.
While these dates and ages are subject to change, the intention to raise the state pension age was set forth by the government in July 2017 and has come earlier than originally planned.
These most recent amendments have yet to be approved by parliament and under current law, the increase would reach 68 between 2044 and 2046.
A spokesperson from the Department for Work and Pensions previously discussed how the government had decided over two decades ago that equality in state pension age was needed. They went on to say: “People are living longer, so we need to raise the age at which all of us can draw a State Pension, so it is sustainable now and for future generations.”
How much is a state pension?
The amount a person can obtain by their state pension depends largely on their national insurance record. A full state pension currently stands at £168.60 per week. However, this differs from the basic state pension, available to men born before 6 April 1951, and women before 6 April 1953.
The maximum amount these individuals can obtain stands at £129.20 per week.