The UK government has officially announced plans to raise the state pension age to 67, a move that will impact millions of workers across the country. This change is part of broader reforms aimed at ensuring the sustainability of the pension system amid an ageing population.
When Will the Change Take Effect?
The increase to 67 will be phased in gradually, affecting those born after April 1960. Specifically:
- Individuals born between 6 April 1960 and 5 April 1961 will see their pension age rise to between 66 and 67.
- Those born after 6 April 1961 will need to wait until they turn 67 to claim their state pension.
Why Is the Pension Age Rising?
The decision reflects longer life expectancies and the need to balance the costs of the state pension system. The government argues that the change is necessary to maintain fairness for taxpayers and ensure the system remains viable for future generations.
How Will This Affect You?
If you’re approaching retirement, it’s crucial to check your state pension age to avoid any surprises. You can use the government’s online calculator to confirm when you’ll be eligible.
Experts recommend reviewing your retirement plans and considering additional savings or private pension options to bridge any gaps caused by the change.
Public Reaction
The announcement has sparked mixed reactions. While some acknowledge the need for reform, others worry about the impact on those in physically demanding jobs or with health issues.
Trade unions and campaign groups have called for more support for affected workers, including transitional measures for those hardest hit by the change.
