Change to state pension rules will affect millions of households
The pension age will be rising from next year.
Brits are being alerted to major changes to the state pension happening from next year.
For the first time in years, the UK pension age is being raised – impacting millions of people.
The age at which people can claim will start to rise from 66 to 67 in 2026 and the change will be fully in place two years later.
READ MORE: HMRC deducting £300 from state pensioners’ bank accounts from Saturday
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And it means everyone born after March 6, 1961 (currently aged up to 64) will not get their state pension until they are 67.
The gradual increase means some will not be able to claim until a few months after their 66th birthday.
It’s important people in their 50s and early 60s understand these changes so they know when they can claim and plan their finances accordingly.
Millions will have to work for longer as a result.
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The pension age is then slated to rise again to 68 in the mid-2040s, though this date could be brought forwards amid an ongoing review.
Head of public policy at AJ Bell, Rachel Vahey, said: “An increase to state pension age from 66 to 67 is already slated to happen between 2026 and 2028.
“But it’s less clear what will happen after that.
“There is also an increase to age 68 pencilled in for 2046, but a faster increase is definitely on the cards.”
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