A decision on whether to bring forward a rise in the state pension age to 68 has been pushed back.
Your state pension age is the earliest age you can start claiming your state pension.
This is separate to any private or workplace pension you might also have, and it is also different to your retirement age.
Your retirement age is when you decide to stop working - you can carry on working even after claiming a state pension.
The current state pension age for women and men retiring now is 66, but it will rise to 67 between 2026 and 2028.
A further increase to 68 is due to happen between 2044 and 2046.
However, a review released in 2017 called for this to be brought forward to between 2037 and 2039.
The Sun revealed earlier this year that ministers were looking to bring forward the rise to 68 to as early as 2033.
But plans to potentially accelerate the timetable were today (March 30) delayed due to a falling life expectancy in the UK.
Work and Pensions secretary Mel Stride told MPs in the Commons that life expectancy is still rising, but at a lower pace.
He said: "It’s essential the state pension remains sustainable and fair across the generations.
"Our balanced approach will help achieve this and ensure we continue to provide security and dignity in retirement for millions of people across the country."
When can I claim my state pension?
The following dates for when you can start claiming your state pension are based on current timetables.
However, this could all change when the next review is published.
A decision is now expected in 2026, after the next general election.
State pension increases currently set out in legislation are:
- Gradual rise to 67 for those born on or after April 5, 1960
- Gradual rise to 68 for those born on or after April 5, 1977
How do I check my state pension age?
You can check your state pension age online.
You can also look at your state pension forecast to find out how much money you’ll get.
The state pension is separate to any private or workplace pensions you may have.
How much is the state pension?
There are two different types of state pension - which one you claim depends on when you were born.
You claim the new state pension if you’re:
- a man born on or after 6 April 1951
- a woman born on or after 6 April 1953
The amount you get depends on your National Insurance record.
You need 35 qualifying years on your National Insurance record to get the full new State Pension, and ten years to get anything at all.
The full new State Pension is worth £185.15 per week. This is rising to £203.85 from April 2023.
You can claim the basic state pension if you’re:
- a man born before 6 April 1951
- a woman born before 6 April 1953
How much you get through the basic state pension also depends on your National Insurance record.
You need 30 qualifying years on your National Insurance record to get the full amount.
The minimum number of years is usually 11 for men born before 1945, and 10 years for women born before 1950.
The full basic state pension is worth £141.85 per week. This is rising to £156.20 from April 2023.
How do I boost my state pension?
There are ways to boost your state pension if you're short on National Insurance contributions - but always seek free advice first.
You can put off retiring, which would mean you can build up more years on your National Insurance record.
However, keep in mind you will be giving up state pension cash in the short term - so speak to a specialist to work out if this is a good option for you.
You could also look into buying voluntary class 3 National Insurance contributions to boost your record.
The rate is £15.85 per missing week of National Insurance contributions – £824 for a full year.
If you’re below state pension age, contact the Future Pension Centre to find out if you would benefit from voluntary contributions.
Or call the Pension Service if you've already reached state pension age.
