Millions to be affected by state pension shake-up next year
Major changes are coming for the state pension.
Millions of Brits will not get their state pension when they turn 66 under major changes happening in just a few months’ time.
The pension age in the UK is rising from 66 to 67, starting next year and to be fully implemented by 2028.
It means after March 6, 1961 (currently aged 64) will not be able to claim their pension when they turn 66.
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They instead will have to wait until they are 67, and they may be required to work for longer as a result.
It’s a major change for Britain as the pension age shifts upwards.
Millions in their 50s and early 60s will have to work for longer before they can retire.
The pension age is increased every couple of decades or so to reflect the ageing population and the cost to the nation.
However, the next age rise to 68 could be brought forwards amid a current pensions review.
As it stands, those born up to April 5, 1977 will be eligible to claim the state pension when they reach 67 – but that could change.
Chancellor Rachel Reeves said recently: “As life expectancy increases it is right to look at the state pension age to ensure that the state pension is sustainable and affordable for generations to come.
“That’s why we have asked a very experienced set of experts to look at all the evidence.”
Head of public policy at AJ Bell, Rachel Vahey, said: “An increase to state pension age from 66 to 67 is already slated to happen between 2026 and 2028. But it’s less clear what will happen after that.
“There is also an increase to age 68 pencilled in for 2046, but a faster increase is definitely on the cards.”