Sunday, September 15, 2019

State pension age change came into effect this week: Schedule of age changes timetable | Personal Finance | Finance

The state pension age is increasing, with this set to reach 66 for both men and women by October 2020. Further changes are in-store for after this date. Under the Pensions Act 2014, the state pension age for men and women will increase to 67 between 2026 and 2028. Under the Pensions Act 2007, the state pension age for both sexes is then set to increase from 67 to 68 between 2044 and 2046.

That said, the Pensions Act 2014 provides a review of the state pension age at least once every five years, meaning the dates provided for this change are “indicative only”, the government says, and based on current law.

Yesterday was a significant date in terms for the state pension age.

That’s because those born between March 6, 1954 and April 5, 1954 reached state pension age.

For those born on the former date, their state pension age works out at 65 years and six months.

Meanwhile, those born on the latter date – April 5, 1954 – reached state pension age aged 65 years, five months, and one day.

On July 6, 2019, people with the date of birth from February 6, 1954 to March 5, 1954 reached state pension age.

Those on the former date reached state pension age at the age of 65 years and five months, while those on the latter birth date have the state pension age of 65 years, four months and one day.

A policy paper from the Department for Work and Pensions (DWP), titled State Pension age timetable and updated May 15, 2014, details all the changes.

It states that people born between April 6, 1954 and May 5, 1954 will reach state pension age on November 6, 2019.

People with the date of birth in the range of May 6, 1954 and June 5, 1954, will reach state pension next year, on January 6.

It’s possible to find out what one’s state pension age is online, using the government’s Check your State Pension age tool.

In order to find out this age, and the date one will reach it, the user should enter their date of birth, as well as pick the option of man or woman.

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