Latest news with #PensionsAct2007
North Wales Live
02-08-2025
- Business
- North Wales Live
State Pension age rise for some people to start next year - here's what you need to know
The State Pension age is due to begin its rise from 66 to 67 next year, with the increase 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 an additional increase from 67 to 68 scheduled to take place between 2044 and 2046. The Pensions Act 2014 expedited the increase 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 aware 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 in advance. 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. This review will be centred around the concept that individuals should be able to spend a certain proportion of their adult life receiving a State Pension, reports the Daily Record. A review of the planned rise to 68 is due before the end of this decade and had originally been scheduled by the then Conservative government to take place two years after the general election - which would have been 2026. Any review of the State Pension age will take into account life expectancy along with a range of other factors relevant to setting the State Pension age. After the review has reported, the UK Government may then choose to bring forward changes to the State Pension age. However, any proposals would have to go through Parliament before becoming law. Check your State Pension age online Your State Pension age is the earliest age you can start receiving your State Pension. It may be different to the age you can get a workplace or personal pension. Anyone of any age can use the online tool at to check their State Pension age, which can be an essential part of planning your 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) recently announced more than 10,000 payments worth £12.5 million have been made by people through the new digital service to boost State Pensions since it launched last year. However, anyone keen to maximise their retirement income through the contributory benefit has just a few weeks left to fill any gaps in their National Insurance (NI) records going back as far as 2006. Usually people can only pay voluntary contributions for the past six tax years, and after the April 5 deadline this year the normal six-tax year time limit will apply. In 2023, the previous government extended the deadline to pay voluntary NI contributions to April 5, 2025 for those affected by new State Pension transitional arrangements, covering the tax years running from April 6, 2006 to April 5, 2018. The extended deadline has allowed people more time to consider what is right for them and make their contributions. Men born after April 6, 1951 and women born after April 6, 1953 are eligible to make voluntary NI contributions to boost their New State Pension. Some people may be entitled to NI credits rather than needing to pay contributions, so they will need to check and consider what is right for them. People can find out more about making voluntary contributions on here. People of working age can also check their State Pension forecast on here. Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, the online investment platform, said: '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.' She continued: '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.' Ms Haine added: '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.
Daily Mirror
01-08-2025
- Business
- Daily Mirror
State Pension age rising for people with these birthdates in 2026
The State Pension age is set to start rising from 66 to 67 next year, with the increase due to be completed for all men and women across the UK by 2028 The State Pension age in the UK is set to rise from 66 to 67 starting next year, with the increase expected to be fully implemented for all men and women across the nation by 2028. This planned adjustment to the official retirement age has been legislated since 2014, with another increase from 67 to 68 scheduled to take place between 2044 and 2046. The Pensions Act of 2014 expedited the increase in the State Pension age from 66 to 67 by eight year s. 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 6 March 1961 and 5 April 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've already established a retirement plan. 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. Under the provisions of 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. These reviews will be centred around the concept that individuals should be able to spend a certain portion of their adult life receiving a State Pension, reports the Daily Record. A review of the planned increase to 68 is due before this decade ends, originally scheduled by the previous Conservative government to occur two years post-general election - which would have been 2026. The State Pension age review will consider life expectancy and other relevant factors in setting the State Pension age. Following the review's report, the UK Government may decide to advance changes to the State Pension age. However, any proposals must pass through Parliament before becoming law. Find out 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. People of all ages can use the online tool on to determine their State Pension age, an essential step in retirement planning. 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 Check your State Pension age online here. Increasing State Pension payments. HM Revenue and Customs (HMRC) recently revealed that over 10,000 payments totalling £12.5 million have been made by individuals using the new digital service to enhance State Pensions since its launch last year. However, those eager to maximise their retirement income through the contributory benefit have only a few weeks left to fill any gaps in their National Insurance (NI) records dating back to 2006. Normally, individuals can only make voluntary contributions for the previous six tax years, and once the April 5 deadline passes this year, the standard six-year time limit will be reinstated. Back in 2023, the former government pushed back the deadline for paying voluntary NI contributions to April 5, 2025 for those impacted by new State Pension transitional arrangements, encompassing the tax years from April 6, 2006 to April 5, 2018. This extended timeframe has given people additional opportunity to weigh up their options and make their contributions. Blokes born after April 6, 1951 and women born after April 6, 1953 can make voluntary NI contributions to enhance their New State Pension. Some may be more suited for National Insurance credits instead of contributions, thus checking options is key. People can find out more about making voluntary contributions on here. People of working age can also check their State Pension forecast on here. Alice Haine, 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 a costly process, so it's crucial to evaluate 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 ill, 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." 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 brief 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." Ms Haine added: "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."
Daily Mirror
12-07-2025
- Business
- Daily Mirror
DWP confirms State Pension age change for people with certain birthdates
The DWP will start to implement a State Pension age change from next year, moving from 66 to 67 - and this is how it will affect you depending on your date of birth The Department for Work and Pensions (DWP) will commence a change in the State Pension age from next year, transitioning from 66 to 67. Those born between October 6, 1954, and April 5, 1960, will still officially reach pensionable age at 66. This applies until the conclusion of the 2025/2026 financial year. Following this, the State Pension age for both men and women will start to rise to 67, in a phased adjustment set to be finalised by 2028. This will impact anyone born between April 6, 1960, and April 5, 1977. READ MORE: 'I'm a beauty writer - the new ghd curling wand gave me perfect waves in 15 mins' In certain instances, individuals will attain State Pension age on their birthday, but those born between April 6, 1960, and March 5, 1961, will experience a gradual increase. This means they'll reach their State Pension age at 66 years plus an incrementally increasing number of additional months as it ascends to 67. We've compiled a list below detailing how you'll be affected and when you're due to receive your State Pension. Date of birth and the date when State Pension age is reached Born April 6, 1960-May 5, 1960: 66 years and 1 month (May-June 2026) Born May 6, 1960-June 5, 1960: 66 years and 2 months (July-August 2026) Born June 6, 1960-July 5, 1960: 66 years and 3 months (September-October 2026) Born July 6, 1960-August 5, 1960: 66 years and 4 months (November-December 2026). Note that a person born on July 31, 1960, is considered to reach the age of 66 years and 4 months on November 30, 2026. Born August 6, 1960-September 5, 1960: 66 years and 5 months (January-February 2027) Born September 6, 1960-October 5, 1960: 66 years and 6 months (March-April 2027) Born October 6, 1960-November 5, 1960: 66 years and 7 months (May-June 2027) Born November 6, 1960-December 5, 1960: 66 years and 8 months (July-August 2027) Born December 6, 1960-January 5, 1961: 66 years and 9 months (September-October 2027). But note that a person born on December 31, 1960, is considered to reach the age of 66 years and 9 months on September 30, 2027. Born January 6, 1961-February 5, 1961: 66 years and 10 months (November-December 2027). But note that a person born on January 31, 1961, is considered to reach the age of 66 years and 10 months on November 30, 2027. Born February 6, 1961-March 5, 1961: 66 years and 11 months (January-February 2028) Born March 6, 1961-April 5, 1977: 67 (March-April 2028) For people born after April 5, 1969 but before April 6, 1977, under the Pensions Act 2007, State Pension age was already 67. Looking ahead, the State Pension age for both genders is currently slated to rise from 67 to 68 between 2044 and 2046. This will affect those born after April 6, 1977, reports Birmingham Live.
Wales Online
08-07-2025
- Business
- Wales Online
DWP confirms new state pension rules starting next year
DWP confirms new state pension rules starting next year The Department for Work and Pensions (DWP) has confirmed the state pension age is rising from 2026 with the change to be gradually phased in over the course of a year The age increment to 67 will be implemented in stages (Image: Richard Swingler ) People born after April 1960 will experience a delay in receiving their state pension due to an age-rule alteration set to come into effect next year. The Department for Work and Pensions (DWP) has confirmed that the state pension age will increase from 2026 with the change being gradually introduced over a year. At present both men and women are eligible to claim the state pension upon reaching 66 but from next year this age will rise to 67. The current state pension age was established between December 2018 and October 2020, having risen from 65, and now another increase will occur between 2026 and 2028. The age increment to 67 will be implemented in stages and will affect when individuals born between April 6, 1960, and March 5, 1961, can claim their state pension. As those born within these dates fall into the transition period it means some will be nearing 66 when they receive their state pension while others will be almost 67 by the time they receive their first payment. Despite the age increase these individuals will still be able to access their state pension at 66 but not immediately after their 66th birthday. Article continues below The phased age increase implies that people will reach state pension age at 66 years plus a specified number of months, effectively delaying their payment, reports the Express. A spokesman for the DWP said: "The Pensions Act 2014 brought the increase in the state pension age from 66 to 67 forward by eight years. The state pension age for men and women will now increase to 67 between 2026 and 2028. "The government also changed the way in which the increase in state pension age is phased so that rather than reaching state pension age on a specific date, people born between April 6, 1960, and March 5, 1961, will reach their state pension age at 66 years and the specified number of months. For people born after April 5, 1969, but before April 6, 1977, under the Pensions Act 2007, state pension age was already 67." According to the DWP's schedule the state pension age will rise from 66 to 67 during the period from 2026 to 2028: Born between April 6, 1960 and May 5, 1960 - reach state pension age at 66 years and one month Born between May 6, 1960 – June 5, 1960- reach state pension age at 66 years and two months Born between June 6, 1960 – July 5, 1960- reach state pension age at 66 years and three months Born between July 6, 1960 – August 5, 1960 - reach state pension age at 66 years and four months Born between August 6, 1960 – September 5, 1960 - reach state pension age at 66 years and five months Born between September 6, 1960 – October 5, 1960 - reach state pension age at 66 years and six months Born between October 6, 1960 – November 5, 1960 - reach state pension age at 66 years and seven months Born between November 6, 1960 – December 5, 1960 - reach state pension age at 66 years and eight months Born between December 6, 1960 – January 5, 1961 - reach state pension age at 66 years and nine months Born between January 6, 1961 – February 5, 1961 - reach state pension age at 66 years and 10 months Born between February 6, 1961 – March 5, 1961 - reach state pension age at 66 years and 11 months Born between March 6, 1961 – April 5, 1977 - reach state pension age at 67 Article continues below People born post-April 5, 1977, are set to receive their state pension at 67 with plans indicating a further increment to 68 between 2044 and 2046, extending the wait for younger cohorts. The DWP asserts that the age increments consider a "range of factors", such as life expectancy, and any amendments must be ratified by Parliament to become effective. Presently there are no intentions to alter the timetable for the elevation from 66 to 67 but the progression from 67 to 68 "could change" following a review.
North Wales Live
06-07-2025
- Business
- North Wales Live
DWP confirms 2026 State Pension age rise - how you will be affected
Individuals born after April 1960 will experience a delay in receiving their State Pension due to an age rule alteration set to come into effect next year. The Department for Work and Pensions (DWP) has confirmed the State Pension age is set to rise from 2026, with the change being gradually introduced over a year's time. At present, both men and women are eligible to claim the State Pension once they reach 66, but from next year, this age will increase to 67. The current State Pension age was established between December 2018 and October 2020, having risen from 65, and now another increase will take place between 2026 and 2028. The age increment to 67 will be implemented in stages and will impact when individuals born between 6th April 1960 and 5th March 1961 can claim their State Pension. As those born within these dates fall into the transition period, it means some will be closer to 66 when they receive their State Pension, while others will be nearly 67 by the time they receive their first payment. Despite the age increase, these individuals will still be able to receive their State Pension at age 66, but they won't be able to get it immediately after their 66th birthday. The phased age increase implies that people will instead reach State Pension age at 66 years and a certain number of months, effectively pushing back their payment, reports the Express. The DWP said: "The Pensions Act 2014 brought the increase in the State Pension age from 66 to 67 forward by 8 years. The State Pension age for men and women will now increase to 67 between 2026 and 2028. "The government also changed the way in which the increase in State Pension age is phased so that rather than reaching State Pension age on a specific date, people born between 6 April 1960 and 5 March 1961 will reach their State Pension age at 66 years and the specified number of months. For people born after 5 April 1969 but before 6 April 1977, under the Pensions Act 2007, State Pension age was already 67." The DWP has set out the following timetable for the increase in State Pension age from 66 to 67, which will take place from 2026 to 2028: Everyone born after April 5, 1977, will get their State Pension at age 67, although a further increase is planned for between 2044 and 2046 which will see the age rise to 68, meaning younger generations face an even longer wait to get their payment. The DWP says the age increases take a "range of factors" into account, including life expectancy, and any changes must go through Parliament before becoming law. While there are no plans to revise the timetable for the age increase from 66 to 67, the timetable for the age increase from 67 to 68 "could change" as a result of review.
