Some individuals will experience a delay in accessing their state pension starting next year, as explained by a pensions expert.
The current state pension age for both genders is 66; however, it is set to increase to 67 gradually, commencing next year. This means that certain individuals will need to wait beyond their 66th birthday before they can begin claiming.
For instance, individuals born between April 6, 1960, and May 5, 1960, will reach state pension age at 66 years and one month.
Those born from September 6, 1960, to October 5, 1960, will have to wait until they are 66 years and six months old to start receiving their state pension.
This transition will continue until April 2028 when the age will reach 67. Sir Steve Webb, a former Pensions Minister and current partner at Lane Clark and Peacock (LCP), elucidated the state pension increase in a recent article for This is Money, where a reader questioned the delay in claiming her pension despite turning 66 in July.
Sir Steve explained, “The shift from 66 to 67 will not occur all at once but will be phased in between April 2026 and April 2028. This phased approach means that certain individuals, like yourself, will have a state pension age that includes months such as 66 years and four months.”
Individuals born after a specific date will have a state pension age of at least 67. The plan to further raise the state pension age to 68 between 2044 and 2046, affecting those born on or after April 5, 1977, has faced calls for an earlier implementation, but a decision on this matter has been postponed. The state pension age signifies the earliest point at which one can commence claiming the state pension.
It is distinct from any workplace or private pensions individuals might have. The minimum age to access private pensions currently stands at 55 but is set to increase to 57 from April 2028.
Individuals retiring presently will be eligible for the new state pension, valued at £221.20 weekly for those meeting the criteria for the full amount. Typically, individuals require 35 qualifying years on their National Insurance record to receive the full sum. The state pension sees annual increments following the triple lock promise.
