The state pension age is increasing starting today, impacting many future retirees. Currently set at 66 for both men and women, the state pension age will gradually rise to 67, beginning on April 6, 2026, affecting individuals born between April 6, 1960, and May 5, 1960. Those falling within this birth range will need to wait until they are 66 and one month old to claim their state pension.
The progression to a state pension age of 67 will involve monthly increments until the full transition is completed by April 2028. Future plans include a further increase to age 68 between April 2044 and April 2046, impacting individuals born from April 1977 onwards. Despite calls for an earlier implementation, a decision on this matter has been postponed.
To determine the age at which you can claim your state pension, refer to the schedule based on your birth date, as outlined in the Pensions Act 2014. Your specific state pension age can be verified on the GOV.UK website by inputting your date of birth.
Effective next week, the state pension will see a 4.8% increase as per the triple lock policy. This policy ensures that the state pension is adjusted annually every April based on the highest value among earnings growth from May to July, September’s inflation rate, or a minimum increase of 2.5%.
The new state pension will rise from £230.25 to £241.30 per week, while the old basic state pension will increase from £176.45 to £184.90 per week. These figures represent the full state pension amounts, with individual payments subject to variations based on National Insurance contributions.