State pension UK: Britons urged to check state pension age as ‘goalposts continue to move’ | Personal Finance | Finance

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In the past, state pension age was 60 for women and 65 for men, but increases were set out under the Pensions Act 1995. These were then accelerated under the Pensions Act 2011.

It meant the state pension age for women reached 65, in line with men, in November 2018.

Further increases saw the state pension age for both men and women rise to 66 – something which was reached in October 2020.

Under the Pensions Act 2014, the state pension age will rise to 67 between 2026 and 2028.

Based on current law, the state pension age will then rise to 68 between 2044 and 2046 via the Pensions Act 2007.

READ MORE: State pension will increase but concern the sum ‘doesn’t meet’ Britons’ financial needs

Earlier this month on April 6, the new flat rate state pension marked its fifth birthday.

Currently, there are 1,586,618 claimants of the new state pension.

The new state pension, a single-tier system, replaced the old two-tier system.

The latter comprised the basic and additional state pension.

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Marking the five-year milestone, Andrew Tully, technical director at Canada Life, commented on the new state pension mechanism.

“The state pension is an incredibly valuable part of the retirement eco system in the UK and is playing its part in helping boost the retirement income prospects of millions of people,” he said.

“However, the state pension is far from generous, with the onus really on individuals to take personal responsibility to save if they wish to enjoy their retirements.”

Mr Tully went on to suggest there are two crucial tasks to ensure one does.

“The state system is complex and difficult to navigate, but there are two key takeaways,” he said.

“Firstly, go online and spend two minutes checking your state pension age, as the goal posts continue to move, especially for younger people.”

The second takeaway relates to the amount a person is projected to get.

This can be checked online via the state pension forecast.

It’s also possible to get a forecast via post, provided the person reaches state pension age in more than 30 days.

“Secondly, use the online system to get a forecast of your state pension which will confirm your likely entitlement,” Mr Tully said.

“If there are gaps in your NI records, the earlier you know the sooner you can take steps to address the problem.

“A financial adviser will be best placed to not only help you plan for your retirement but also help you navigate the state pension system.”



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