The State Pension age is gradually rising from 66 to 67, with the adjustment already underway. The Department for Work and Pensions (DWP) has confirmed that the change will affect millions of Britons, depending on their date of birth.
Who Is Affected?
Individuals born between 6 April 1960 and 5 April 1977 will see their State Pension age increase. For those born between 6 April 1960 and 5 March 1961, the pension age will be 66 plus a specific number of months. Those born from 6 March 1961 to 5 April 1977 will need to wait until they turn 67.
Impact on Retirement Plans
The government implemented this change due to rising life expectancy. Many younger workers anticipate working into their 70s. The DWP is actively raising awareness, especially for those born between 1960 and 1961, whose pension age varies by month of birth.
A cross-party group of MPs has launched an investigation into the income gap affecting pre-pensioners. Work and Pensions Committee Chair Debbie Abrahams stated: "Pre-pensioners are particularly exposed. You could have worked 45 years paying taxes only to find yourself short of cash until the pension payoff."
Historical Context
Previous increases, such as the rise from 65 to 66, pushed an additional 100,000 65-year-olds into absolute income poverty. The Waspi campaign highlighted inadequate notice for women affected by earlier changes.
According to the Institute for Fiscal Studies (IFS), some affected individuals have had to use private pension savings to bridge the gap. The rise has also been linked to a decline in life satisfaction and a 10 percentage point increase in employment rates among affected age groups.
Future Increases
The increase to 68 is currently scheduled for 2044-2046, but a forthcoming review may adjust these timelines. Elaine Smith from the Centre for Ageing Better noted that life expectancy is lower now than before the pandemic, questioning the rationale for further rises.
A DWP spokesman said: "We're committed to providing financial support for people at any age who need it. Those that have not reached state pension age can access support such as universal credit and other benefits."
Detailed Timeline
- Born 6 April 1960 – 5 May 1960: 66 years and 1 month
- Born 6 May 1960 – 5 June 1960: 66 years and 2 months
- Born 6 June 1960 – 5 July 1960: 66 years and 3 months
- Born 6 July 1960 – 5 August 1960: 66 years and 4 months
- Born 6 August 1960 – 5 September 1960: 66 years and 5 months
- Born 6 September 1960 – 5 October 1960: 66 years and 6 months
- Born 6 October 1960 – 5 November 1960: 66 years and 7 months
- Born 6 November 1960 – 5 December 1960: 66 years and 8 months
- Born 6 December 1960 – 5 January 1961: 66 years and 9 months
- Born 6 January 1961 – 5 February 1961: 66 years and 10 months
- Born 6 February 1961 – 5 March 1961: 66 years and 11 months
- Born 6 March 1961 – 5 April 1977: 67 years
The DWP urges everyone to familiarise themselves with these changes, especially those with existing retirement plans.
