State Pension age rises in 2026 for people with these specific birthdates
The State Pension age is due to start climbing from 66 to 67 next year, with the hike expected to be fully implemented for all men and women across the UK by 2028. This planned alteration to the official retirement age has been in legislation since 2014, with another increase from 67 to 68 set to take place between 2044 and 2046.
The Pensions Act 2014 expedited the rise in the State Pension age from 66 to 67 by eight years. The UK Government also altered the method of phasing in the increase in State Pension age, meaning that instead of reaching State Pension age on a specific date, individuals born between March 6, 1961 and April 5, 1977 will be eligible to claim the State Pension once they turn 67.
It's crucial to be cognisant of these impending changes now, particularly if you have a retirement plan in place. All those affected by alterations to their State Pension age will receive a letter from the Department for Work and Pensions (DWP) well ahead of time. In other similar news, thousands of Brits to get shock letter from HMRC after drastic new tax rule comes into force.
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Under the Pensions Act 2007, the State Pension age for both men and women will rise from 67 to 68 between 2044 and 2046. The Pensions Act 2014 mandates a regular review of the State Pension age, at least once every five years. The review will be centred around the concept that people should be able to spend a certain proportion of their adult life receiving a State Pension.
The UK Government has recently unveiled a new Pension Commission to explore ways of enhancing pension savings, with its findings set to be published in 2027. The commission will consider areas such as auto-enrolment saving rates, increasing savings among groups like the self-employed, and a review of the State Pension age.
Dr Suzy Morrissey will provide insights on factors the UK Government should take into account regarding the State Pension age, while the Government Actuary's Department will compile a report on the proportion of adult life spent in retirement. The review of the State Pension age will factor in life expectancy along with a variety of other relevant aspects when determining the State Pension age.
Following the review's findings, the UK Government may decide to implement changes to the State Pension age. However, any proposed changes would need to pass through Parliament before becoming law, reports the Daily Record.
Check your State Pension age online
Your State Pension age is the earliest age at which you can begin receiving your State Pension. It might differ from the age at which you can receive a workplace or personal pension.
The online tool at GOV.UK allows anyone of any age to check their State Pension age, an essential step in planning for retirement. You can use the State Pension age tool to check:
When you will reach State Pension age
Your Pension Credit qualifying age
When you will be eligible for free bus travel - this is at age 60 in Scotland
Check your State Pension age online here.
Boosting State Pension payments
HM Revenue and Customs (HMRC) has revealed that over 10,000 payments totalling £12.5 million have been made by individuals using the new digital service to enhance their State Pensions since its inception last year.
However, those looking to maximise their retirement income through the contributory benefit only have a few weeks left to fill any gaps in their National Insurance (NI) records dating back to 2006.
Typically, individuals can only make voluntary contributions for the previous six tax years, and after the April 5 deadline this year, the standard six-tax year limit will be reinstated.
In 2023, the previous government extended the deadline for making voluntary NI contributions to April 5, 2025 for those affected by new State Pension transitional arrangements, covering the tax years from April 6, 2006 to April 5, 2018. This extended deadline has given people more time to consider their options and make their contributions.
READ MORE: HMRC set to issue record number of tax bills - see who will be affected
Men born after April 6, 1951 and women born after April 6, 1953 are eligible to make voluntary NI contributions to increase their New State Pension. Some individuals may be entitled to NI credits instead of having to make contributions, so they should check and consider what is best for them.
More information about making voluntary contributions can be found here. Working-age individuals can also check their State Pension forecast here.
Alice Haine, a personal finance analyst at Bestinvest by Evelyn Partners, the online investment platform, explained: "People typically need at least 10 qualifying years of NI (National Insurance) contributions to receive any state pension at all and at least 35 years to receive the full new State Pension - though they don't need to be consecutive years."
"Plugging gaps can be quite an expensive process, so it is important to assess whether you actually need to buy back any missing years. This will depend on how many more years you plan to work, and whether you are eligible for NI tax credits, which fill the gaps, such as those who have been sick, were unemployed or took time out to raise a family or care for elderly relations."
"Plugging gaps in your record is relatively straightforward since the Government rolled out its new NI payments services in April last year - a State Pension forecast tool that has been checked by 3.7m since its launch," Alice continued.
She went on to say: "People simply need to log into their personal tax account or the HMRC app to not only view any payment gaps but also check if they can plug those gaps directly through the Government's digital channels. A short survey assesses the person's suitability to pay online with those eligible to pay directly given a series of options to plug any gaps depending on when someone wants to stop working."
"Calculating whether to top up can be confusing though and ultimately there is no point paying for more years than you need because you won't get that money back," Alice concluded.
Ms Haine further stated: "People who might need to top up include those that took a career break as well as low earners or expatriates living and working abroad."
"Remember, this deadline has been extended a couple of times in the past, which makes it more likely the Government will stick to the April cut-off point this time around. For this reason, those that think they might need to take action should start the process now."
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