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Should state pension age hike go ahead? Changes set for 2028 to impact those born in 1960s
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The choosing of the state pension age is a hugely important decision, impacting retirement plans for millions of people. Changes are set to come into effect later this decade which will push back the state pension age for people born in the 1960s.
What does 'state pension age 'mean?
The state pension age is simply the age at which people can begin receiving their state pension.
The state pension is a weekly income which is provided by the Government to British people who have reached state pension age.
Those who have contributed National Insurance (NI) during their life, either through working or via NI credits, are entitled to a state pension.
A minimum of 10 qualifying years on someone's NI record are usually required to get any state pension, and people may need up to 35 years' worth to get the full amount.
What is the state pension age now?
The state pension age is currently 66 in the UK, meaning most Britons can start claiming their state pension from their 66th birthday.
This state pension age is applicable for both men and women, after the state pension age was equalised.
Previously, there had been a gap of five years between the state pension age for men and women, with women able to retire at 60 and men having to wait until 65.
However, this has since changed, with the state pension age for women rising to 65, and then both men and women making the jump to 66.
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What will the state pension age increase to?
State pension age is set to rise again before the end of the decade, as it gradually increases by one year up to 67.
The gradual increase will impact people born in or after April 1960, and the process should be complete by 2028.
A second state pension age hike has also been planned, up to 68.
This will be a gradual rise between 2044 and 2046, affecting those born in or after April 1977.
State pension age reviews
State pension age is the subject of regular review, with the Government having the ability to make changes to it based on factors such as life expectancy in the UK.
The latest review started in December 2021, and according to the Government website "will consider whether the rules around pensionable age are appropriate, based on the latest life expectancy data and other evidence".
Because the upcoming changes to the state pension age have been mapped out based on increasing life expectancy for Britons, there has been some debate over whether this should still happen based on the events of the last two years or so.
Recent data showed life expectancy in the UK actually dropping, which is believed to be due to the COVID-19 pandemic.
This has cast some doubt over the upcoming state pension age changes and if they are appropriate or not.
What do you think? Let us know in the comments whether you believe the state pension should be increased in the coming years.
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