You are here: Home - Retirement - Retirement planning - News -

State Pension age is now 66

Written by: Emma Lunn
The age at which people can claim their State Pension rises to 66 from today.

The change applies to both men and women born after 5 October 1954.

The rise in State Pension age has been planned since 2010 when then chancellor George Osbourne announced plans to make people  work longer due to increases in life expectancy. More people are expected to spend a larger proportion of their adult life in retirement than ever before.

For those born after 1954, there will be a phased increase in state pension age to 67, and eventually 68.

As recently as 2010, women received their State Pension at 60, although men and women have had the same state pension age since 2018.

Planning for retirement

Dave Harris, CEO of more2life, says: “Although today’s changes to the State Pension age have been a long time coming, the impact on those close to retirement should not be underestimated. Delaying the point at which people can access their State Pension will exacerbate the financial challenges many already face in later life – especially for those who plan to rely heavily on the State Pension for their retirement income or are facing unwanted early retirement due to the pandemic.

“Today’s State Pension age rise will also come as another blow to many women who have not been able to build up as generous a private pension as their male counterparts and have seen other unwanted changes in recent years. Many of these women are likely to enter retirement with the challenge of funding a longer retirement than men, but with smaller pension pots.

“In fact, more2life’s latest research found that the ‘gender pension gap’ in retirement could be as much as £108,130 for single women and £186,120 for those in a relationship.”

What is the State Pension?

The State Pension is a weekly payment from the government that you receive when you reach State Pension age.

The full State Pension for new claimants is £175.20 a week.

To receive the full amount, recipients must have paid National Insurance for 35 qualifying years, while you need a minimum of 10 years’ worth of contributions to get anything at all.

The State Pension will rise in April after the government introduced a bill last month to avoid a freeze on increases under the triple lock mechanism.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Could you make a Dieselgate claim?

An estimated 500,000 Mercedes-Benz owners could each be eligible to claim compensation of up to £96,000.
Could you make a Dieselgate claim?

Parcel delivery scam warning

UK Finance has warned consumers to look out for criminals posing as parcel delivery companies.
Parcel delivery scam warning

Claim a year’s worth of WFH tax relief – for one day working at home

Employed workers who work from home can apply for tax relief to offset the extra electricity and heating expen...
Claim a year’s worth of WFH tax relief – for one day working at home

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
First Direct re-opens current accounts for new customers

First Direct has re-opened its current account offering for new customers after being pulled from the market in March.