Latest news with #PensionsAct2014
North Wales Live
7 days ago
- 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
23-07-2025
- Business
- Daily Mirror
Exact age you can get your state pension as millions set to work for longer
The state pension age is the earliest you can start claiming the state pension and it is separate to any workplace or private pension you may have The state pension age is set to start rising again from next year - so how old exactly will you be when you can start claiming it? The state pension age for men and women is currently 66 - but this is set to rise to 67 between 2026 and 2028. The first people to see their state pension age increase are those born between April 6, 1960 and May 5, 1960. If you are born between these dates, you won't be able to start claiming your state pension until you are age 66 and one month. The age will gradually keep increasing over the following year until the state pension age hits 67. Those born from April 1977 onwards are currently set to see their state pension age rise to 68. There have been calls to bring this forward, but a decision on this has been delayed. It comes after a major review into pension saving was announced this week, amid fears that today's workers face a greater risk of poverty in retirement. Work and Pensions Secretary Liz Kendall will revive the Pensions Commission, which last met in 2006, to look at ways to encourage workers to save more money for their retirement. Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. State pension age rising - see when you can retire The following timetable shows your date and birth and the age you will be when you can claim your state pension. It was published with the Pensions Act 2014. April 6, 1960 – May 5, 1960 - 66 years and 1 month May 6, 1960 – June 5, 1960 - 66 years and 2 months June 6, 1960 – July 5, 1960 - 66 years and 3 months July 6, 1960 – August 5, 1960 - 66 years and 4 months August 6, 1960 – September 5, 1960 - 66 years and 5 months September 6, 1960 – October 5, 1960 - 66 years and 6 months October 6, 1960 – November 5, 1960 - 66 years and 7 months November 6, 1960 – December 5, 1960 - 66 years and 8 months December 6, 1960 – January 5, 1961 - 66 years and 9 months January 6, 1961 – February 5, 1961 - 66 years and 10 months February 6, 1961 – March 5, 1961 - 66 years and 11 months March 6, 1961 – April 5, 1977 You can check your state pension age on by entering your date of birth. The state pension age is the earliest you can start claiming the state pension. It is separate to any workplace or private pension you may have. The earliest age you can access your private pensions is currently 55 - but this will rise to 57 from April 2028. Anyone retiring now will claim the new state pension, which is worth £221.20 a week if you're eligible for the full amount. Most people need 35 qualifying years on their National Insurance record to get the full amount. The state pension rises every year in line with the triple lock promise. Your state pension is separate to any private or workplace pension you may have.
Daily Record
08-07-2025
- Business
- Daily Record
Pensions expert shares five steps to avoid retirement regret in later life
The New 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 Pensions Act 2014 set out the timescale for the increase in State Pension age from 66 to 67 years old and will first affect those born between April 6, 1960 and March 5, 1961. Anyone born between these dates can use a handy tool on to find out the earliest point at which they'll be eligible for their State Pension. A further State Pension age increase from 67 to 68 is set to be implemented between 2044 and 2046. People born on April 6, 1960 will reach State Pension age of 66 on May 6, 2026 while those born on March 5, 1961 will reach State Pension age of 67 on February 5, 2028. Everyone affected by changes to their State Pension age will receive a letter from the DWP well in advance, however, you can check your own State Pension age online here. It's important to be aware of these upcoming changes now, especially if you have a retirement plan in place. New research from Opinium on behalf of Hargreaves Lansdown found that one in five people aged over 55 said they regretted not starting their retirement planning early enough. A further 15 per cent said they wished they had contributed more while 15 per cent said they regretted assuming they would have enough saved for later life. Some 4 per cent said they wished they had made more of their employer contribution. However, well over half (57%) of over 55s said they had no retirement planning regrets. Commenting on the findings, Helen Morrissey, head of retirement analysis, Hargreaves Lansdown, said: 'It can be easy to succumb to 'set and forget' when it comes to your pension, but this leaves you open to retirement regret later on. Getting to grips with your pension earlier in your career can save you a lot of bother. 'This was the main source of retirement regret, with one in five people aged over 55 saying they wished they got started on their pension planning earlier. Not contributing enough was a bugbear for around 15 per cent, while the same proportion said they had made an error in assuming they would have enough by the time they retired. 'The bright spot of the research was that well over half (57%) of those asked said they didn't have any retirement regrets. This could be because they have a good defined benefit pension, or it could be because they've checked in on how their pensions are doing periodically and made adjustments, as necessary.' Five steps to avoid retirement regret To help people make the most of their time now to ensure a smooth retirement, Ms Morrissey shared five simple steps to follow. Keep an eye on how your pension is doing Don't 'set and forget' your pension contributions. It's important to check in on your pensions from time to time. Use a pension calculator to see what you are on track to receive – if it's enough then great, but if not, you've got time to do something about it. Boost your contributions Auto-enrolment sets minimum contributions but these on their own may not be enough to give you the retirement you need. Taking small steps such as boosting your contributions every time you get a pay rise or new job can be a relatively painless way of increasing contributions before you get used to spending the money. Can your employer do more? Many employers will keep their contributions at auto-enrolment minimums but there are employers who are willing to do more if you increase your contributions. This is known as an employer match and can really ratchet up the amount of money going in over time. Find those lost pensions If you've had several jobs, then the likelihood is you have lost track of a pension somewhere along the way. This means there could be a pot worth thousands of pounds out there that could make a huge difference to your retirement planning. If you think you've lost track of a pension, then give the government's pension tracing service a call. All you need is the company name or that of the provider. The service can't tell you if you have a pension with them, but they can give you contact details. Find out more here. Consolidation might work Once you've tracked down your pensions, it might make sense to consolidate. Having an overarching view of what you have can be a gamechanger for your planning. You may realise you have more than you thought, and this can transform your retirement planning. For instance, you may be tempted to take small pensions as cash and spend them but by consolidating them you are less likely to do this. However, make sure you aren't incurring any unnecessary costs in consolidating such as early exit penalties. It's also worth checking that you aren't missing out on valuable benefits such as guaranteed annuity rates. It also rarely makes sense to transfer out of a defined benefit pension due to the guaranteed income on offer.
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.
