The state pension age is increasing starting today, impacting millions of future retirees. Currently set at 66 for both genders, the state pension age will gradually rise to 67 by April 6, 2026, affecting individuals born between April 6, 1960, and May 5, 1960. Those born within this timeframe will need to wait until they reach 66 and one month to claim their state pension.
The state pension age will continue to rise incrementally by one month until it reaches 67, completing the process by April 2028. Plans are in place for a further increase to 68 between April 2044 and April 2046, affecting individuals born from April 1977 onwards. Despite calls for an expedited change, a decision on this matter has been postponed.
To determine your state pension claim age, consult the timetable correlating birth dates with the age of eligibility, as outlined in the Pensions Act 2014. You can easily verify your state pension age on the GOV.UK website by entering your birthdate.
In line with the triple lock, the state pension is set to increase by 4.8% next week. This mechanism ensures that the state pension rises annually in alignment with the highest of earnings growth from May to July, September inflation rate, or a minimum of 2.5%.
The full new state pension will rise from £230.25 to £241.30 per week, while the old basic state pension will increase from £176.45 to £184.90 weekly. These figures represent the total state pension amounts available, with individual payments subject to variation based on National Insurance contributions.
