{"id":559151,"date":"2025-11-09T10:20:20","date_gmt":"2025-11-09T10:20:20","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/559151\/"},"modified":"2025-11-09T10:20:20","modified_gmt":"2025-11-09T10:20:20","slug":"new-state-pension-age-changes-set-to-delay-retirement-payments-for-millions-of-people-4","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/559151\/","title":{"rendered":"New State Pension age changes set to delay retirement payments for millions of people"},"content":{"rendered":"

The State Pension age is set to rise from 66 to 67 between 2026 and 2028 with a further rise planned to 68.<\/p>\n

The State Pension age<\/a> is set to start rising from 66 to 67 next year, with the increase due to be completed for all men and women across the UK by 2028. The planned change to the official age of retirement has been in legislation since 2014 with a further rise from 67 to 68 set to be implemented between 2044 and 2046.<\/p>\n

The third review of the State Pension age review<\/a> launched last month and will look at future rises, taking into account life expectancy, the labour market, costs and sustainability. Forecast expenditure on the State Pension in 2025\/26 is \u00a3146 billion, however, by 2029\/30, the Department for Work and Pensions (DWP) estimates this will rise to \u00a3169bn.<\/p>\n

Under the Triple Lock,<\/a> State Pensions increase each year in-line with whichever is the highest of average annual earnings growth from May to July, Consumer price Index (CPI) inflation rate in the year to September or 2.5 per cent.<\/p>\n

READ MORE: State Pension payment delays for older people set to retire before year ends<\/a>READ MORE: Millions of people over State Pension age to pay tax in new financial year<\/a><\/p>\n

It’s important to be aware that any changes to the State Pension age must follow the principle of giving people 10 years notice any change to their retirement age – or potentially end up with another situation which has affected an estimated 3.6 million women born in the 1950s.<\/a><\/p>\n

Phoenix Insights<\/a> has warned that around three million people would see a delay to their retirement plans if the State Pension age increase to 68 is brought forward.<\/p>\n

The latest figures from the DWP show there are now 13 million people claiming the State Pension, including over 1.1m in Scotland. Some 34 per cent are on the New State Pension (post-April 2016) while 66 per cent are receiving the Basic (or Old) State Pension (pre-April 2016).<\/p>\n

People on the full New State Pension receive \u00a3230.25 per week and as the payment is typically made every four weeks this amounts to \u00a3921. Annual payments will be worth \u00a311,973 over the 2025\/26 financial year.<\/p>\n

However, not all of the 4.1m people on the New State Pension receive the full amount as it is linked to National Insurance Contributions.<\/p>\n

People need to pay at least 10 years\u2019 worth of National Insurance Contributions (NICs) to be entitled to any State Pension and around 35 years for the full rate, which can be more if someone has been \u2018contracted out\u2019.<\/a><\/p>\n

Someone on the full Basic State Pension receives weekly payments of \u00a3176.45, or \u00a3705.80 every four-week payment period. Annual payments will be worth \u00a39,175.40 over the 2025\/26 financial year.<\/p>\n

Patrick Thomson, Head of Research Analysis and Policy at Phoenix Insights, said: \u201cThe State Pension remains at a critical juncture with questions remaining over its long-term affordability and the future of the Triple Lock. Projections suggests there will be five million more State Pensioners in the UK by 2070 compared to just one million more people of working-age.\u201d<\/p>\n

Four key findings about the State Pension<\/p>\n

Phoenix Insights found that:<\/p>\n