A review into the state pension age is set to be released in the coming months.
The state pension age dictates the earliest age someone can claim their state pension. The review into when it will rise in the future is set to be published by May 7, however an exact date for its publication is yet to be announced.
Currently, the state pension age for retirees is 66, but, this will rise to 67 between 2026 and 2028. An additional increase to 68 wasn't due to take place until between 2044 and 2046. Despite this, a review released in 2017 called for the increase to be brought forward between 2037 and 2039, the Mirror reports.
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An exact timetable for when the state pension age will rise is yet to be published, and currently, we don't know what the next review into the state pension age will reveal.
A report published by The Sun this week stated that Chancellor Jeremy Hunt could fast-track the rise to 68 to 2035. However, any changes must be approved by Parliament before it becomes law.
How do I check my state pension age?
Anyone can check their state pension age online via the government website. You can also use your state pension forecast to work out how much money you'll receive.
The state pension is a separate form of pension from the private and workplaces ones 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
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.
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