The state pension age is set to rise to 67, with the change gradually taking effect over the next two years. The Department for Work and Pensions (DWP) is implementing this increase, moving the age from 66 to 67, meaning individuals will need to wait longer before they can start receiving their state pension payments.
Phased Implementation
The increase is being phased in over three tax years, concluding in April 2028. It applies to those born between April 1960 and March 1961. The monthly phase-in is based on blocks of birth dates, beginning in April 1960. For example, people born between April 6 and May 5, 1960, will reach state pension age at 66 years and 1 month, while those born later will have to wait additional months, up to 66 years and 11 months for those born between February 6 and March 5, 1961. Those born from March 6, 1961, onward will not receive their state pension until age 67.
Reasons for the Change
The government states that the Pensions Act 2014 brought forward the increase in the state pension age from 66 to 67 by eight years. This adjustment is designed to reflect rising life expectancy and the increasing cost of funding the state pension system. However, some financial experts have warned that not everyone has been given enough time to adjust their retirement plans accordingly.
Check Your State Pension Age
The exact state pension age now depends on your date of birth. The DWP has provided a detailed breakdown:
- Born April 6, 1960 – May 5, 1960: Age 66 years and 1 month
- Born May 6, 1960 – June 5, 1960: Age 66 years and 2 months
- Born June 6, 1960 – July 5, 1960: Age 66 years and 3 months
- Born July 6, 1960 – August 5, 1960: Age 66 years and 4 months
- Born August 6, 1960 – September 5, 1960: Age 66 years and 5 months
- Born September 6, 1960 – October 5, 1960: Age 66 years and 6 months
- Born October 6, 1960 – November 5, 1960: Age 66 years and 7 months
- Born November 6, 1960 – December 5, 1960: Age 66 years and 8 months
- Born December 6, 1960 – January 5, 1961: Age 66 years and 9 months
- Born January 6, 1961 – February 5, 1961: Age 66 years and 10 months
- Born February 6, 1961 – March 5, 1961: Age 66 years and 11 months
- Born March 6, 1961 – April 5, 1977: Age 67
Brits approaching retirement are urged to check their state pension age to understand when they will become eligible for payments. The changes aim to ensure the sustainability of the pension system for future generations.
