Latest news with #PensionsAct2014
Daily Mirror
2 days ago
- Business
- Daily Mirror
Pension age set to change for people with certain birth dates
The State Pension age is set to rise from 66 to 67 in the coming years - and the Department for Work and Pensions (DWP) has urged people to check what the change means for them Brits born between two specific dates need to review their pension age due to upcoming changes. The Department for Work and Pensions (DWP) is urging individuals with particular birthdates to verify their State Pension timing using their online checker. With plans set to incrementally raise the State Pension age from 66 to 67 beginning next year, it's important that everyone takes note of this imminent shift. By 2028, the transition is expected to be implemented nationwide. Since 2014, there have been regulatory reforms to adjust the State Pension age, as reported by the Daily Record. Official plans are to increase it further from 67 to 68 between 2044 and 2046. An announcement on social media platform X from the DWP said: "Born between 6 April 1960 and 5 March 1961? Check today to find out what your State Pension age will be." People born on 6 April 1960 can expect to hit the current State Pension age of 66 on 6 May 2026, while those born on 5 March 1961 will see the new State Pension age of 67 on 5 February 2028. Verifying your exact State Pension age through the online service is simple and essential for retirement planning. The Department for Work and Pensions (DWP) says it is dedicated to ensuring that anyone affected by these pension age changes will be informed well in advance of the modifications taking place. Furthermore, the Pensions Act 2014 requires that the State Pension age be regularly reviewed at least once every five years. These assessments are grounded on the idea that individuals should expect to spend a certain proportion of their adult life receiving State Pension benefits, officials say. A review of the proposed increase to 68 is due before the end of this decade, initially scheduled by the previous Conservative government to occur two years after the General Election - which would have been 2026. The State Pension age review will consider life expectancy along with various other factors relevant to determining the State Pension age. Upon the report's completion, the UK Government may choose to make changes to the State Pension age. However, any proposals would need to secure approval from 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 differ from the age you can get a workplace or personal pension. The online tool at allows anyone of any age to check their State Pension age, which can be a vital 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. State Pension payments 2025/26 Full New State Pension Weekly payment: £230.25 Four-weekly payment: £921 Annual amount: £11,973 Full Basic State Pension
Daily Record
3 days ago
- Business
- Daily Record
New State Pension age set to change next year for people with these birthdates
The State Pension age will increase from 66 to 67 between 2026 and 2028. Pension Credit – Could you or someone you know be eligible? The Department of Work and Pensions (DWP) is urging people born between certain dates to check when they will be eligible to claim their State Pension using the online tool at 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 planned change to the official age of retirement has been in legislation since 2014 with a further State Pension age rise from 67 to 68 set to be implemented between 2044 and 2046. In a post on X, formerly Twitter, the DWP wrote: 'Born between 6 April 1960 and 5 March 1961? Check today to find out what your State Pension age will be.' 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. 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. Everyone affected by changes to their State Pension age will receive a letter from the DWP well in advance. The Pensions Act 2014 provides for a regular review of the State Pension age, at least once every five years. The review will be based around the idea people should be able to spend a certain proportion of their adult life drawing a State Pension. 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. State Pension payments 2025/26 Full New State Pension Weekly payment: £230.25 Four-weekly payment: £921 Annual amount: £11,973 Full Basic State Pension Weekly payment: £176.45 Four-weekly payment: £705.80 Annual amount: £9,175 Future State Pension increases The Labour Government has pledged to honour the Triple Lock or the duration of its term and the latest predictions show the following projected annual increases: 2025/26 - 4.1%, he forecast was 4% 2026/27 - 2.5% 2027/28 - 2.5% 2028/29 - 2.5% 2029/30 - 2.5% Recent analysis released by Royal London revealed only around half of people receiving the New State Pension last year were getting the full weekly amount - and around 150,000 were on less than £100 per week. The DWP will issue letters to all 12.9m State Pensioners in March telling them their new payment rates. This letter also encourages older people to check if they are eligible for Pension Credit. State Pension and tax The Personal Allowance will remain frozen at £12,570 over the 2025/26 financial year. The most important thing to be aware of is that people whose sole income is the State Pension will not pay income tax. However, anyone with additional income on top of their State Pension may need to pay tax. This is paid a year in arrears, so if the 2025/26 financial year's uplift takes you over the threshold, you will not receive a tax bill from HM Revenue and Customs (HMRC) until July 2026. How to get full New State Pension 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 UK 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 Record
19-05-2025
- Business
- Daily Record
New State Pension update for men and women aged between 64 and 65
The DWP has issued an 'important update' to people with certain birthdates ahead of retirement age rise. The Department of Work and Pensions (DWP) has issued an 'important reminder' for people born between certain dates in 1960 and 1961 about checking when they can claim their State Pension. Men and women born during those dates aged between 64 and 65, may not be aware the official age of retirement will soon be rising from 66 to 67. DWP said: 'The Pensions Act 2014 set out the timescale for the increase in State Pension age from 66 to 67, affecting those born between 6 April 1960 and 5 March 1961. Anyone born between these dates should check their State Pension age to find out the earliest point at which they'll be eligible for their State Pension.' DWP is encouraging everyone to check their State Pension age using the online tool at here. The planned change to the official age of retirement has been in legislation since 2014 with a further State Pension age rise from 67 to 68 set to be implemented between 2044 and 2046. It's important to be aware of these upcoming changes now, especially if you have a retirement plan in place. Everyone affected by changes to their State Pension age will receive a letter from the DWP well in advance, but it is now promoting the change in its regular Touchbase Newsletter and its social media channels. The Pensions Act 2014 provides for a regular review of the State Pension age, at least once every five years. The review will be based around the idea people should be able to spend a certain proportion of their adult life drawing a State Pension. 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 were made through a new digital service to boost State Pensions since it launched last year. People can pay voluntary contributions for the past six tax tax years to plug missing gaps in their National Insurance (NI) -which determines the level of State Pension someone receives in retirement. 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 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 Record
13-05-2025
- Business
- Daily Record
DWP urges people born on certain dates to check State Pension age ahead of change
The State Pension age is set to rise from 66 to 67 between 2026 and 2028. Pension Credit – Could you or someone you know be eligible? The Department of Work and Pensions (DWP) is urging people born between certain dates to check when they will be eligible to claim their State Pension using the online tool at 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 planned change to the official age of retirement has been in legislation since 2014 with a further State Pension age rise from 67 to 68 set to be implemented between 2044 and 2046. In a post on X, formerly Twitter, the DWP wrote: 'Born between 6 April 1960 and 5 March 1961? Check today to find out what your State Pension age will be.' 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. 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. Everyone affected by changes to their State Pension age will receive a letter from the DWP well in advance. The Pensions Act 2014 provides for a regular review of the State Pension age, at least once every five years. The review will be based around the idea people should be able to spend a certain proportion of their adult life drawing a State Pension. 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. State Pension payments 2025/26 Full New State Pension Weekly payment: £230.25 Four-weekly payment: £921 Annual amount: £11,973 Full Basic State Pension Weekly payment: £176.45 Four-weekly payment: £705.80 Annual amount: £9,175 Future State Pension increases The Labour Government has pledged to honour the Triple Lock or the duration of its term and the latest predictions show the following projected annual increases: 2025/26 - 4.1%, he forecast was 4% 2026/27 - 2.5% 2027/28 - 2.5% 2028/29 - 2.5% 2029/30 - 2.5% Recent analysis released by Royal London revealed only around half of people receiving the New State Pension last year were getting the full weekly amount - and around 150,000 were on less than £100 per week. The DWP will issue letters to all 12.9m State Pensioners in March telling them their new payment rates. This letter also encourages older people to check if they are eligible for Pension Credit. State Pension and tax The Personal Allowance will remain frozen at £12,570 over the 2025/26 financial year. The most important thing to be aware of is that people whose sole income is the State Pension will not pay income tax. However, anyone with additional income on top of their State Pension may need to pay tax. This is paid a year in arrears, so if the 2025/26 financial year's uplift takes you over the threshold, you will not receive a tax bill from HM Revenue and Customs (HMRC) until July 2026. How to get full New State Pension 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 UK 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
12-05-2025
- General
- Daily Mirror
DWP state pension age rising next year for people born in these years
The state pension age - which is when you can claim the DWP's state pension - is 66 years old for both men and women. However, it will be rising next year Thousands of older Brits are set to be impacted when the state pension age rises next year. Currently, the state pension age is 66 years for both men and women. This means you can start claiming the Department for Work and Pensions (DWP) state pension payment from this age. However, next year, it will start gradually increasing, rising to 67 years old from April. This transition process is then expected to be completed for everyone by March 2028. The planned change to the official age of retirement was brought into legislation under the Pensions Act 2014, with a further rise from 67 to 68 set to be implemented between 2044 and 2046. It also changed the way it would be implemented, introducing a gradual increase as opposed to a one-specific date increase. Under the current plans, people born between March 6, 1961, and April 5, 1977, will claim their state pension once they reach 67, so they will need to work one year longer than those born earlier. It's important to understand these changes, particularly if you are approaching the current state pension age and have retirement plans. The DWP will, however, contact all those affected by the rise over the coming months. The last increase to the state pension age was introduced in December 2018 when it started to rise from 65 to 66. 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. This was then completed by October 2020, and those affected by this change were women born on or after April 6, 1953 or a man born on or after December 6, 1953. The next rise to 68 would impact those born after April 1977. However, the plans may change. Under the Pensions Act, the state pension age is reviewed once every five years. The review often returns recommendations that the government either accepts, rejects, or comments on. The 2017 review suggested that the rise to 68 should be brought forward to 2037-39, which would affect those born between April 6, 1970, and April 5, 1978. Join Money Saving Club's specialist topics For all you savvy savers and bargain hunters out there, there's a golden opportunity to stretch your pounds further. The Money Saving Club newsletter, a favourite among thousands who thrive on catching the best deals, is stepping up its game. Simply follow the link and select one or more of the following topics to get all the latest deals and advice on: Travel; Property; Pets, family and home; Personal finance; Shopping and discounts; Utilities. However, the 2022 review recommended a slower increase to 68 in 2041-43 and also suggested a possible rise to 69 in 2046-48. The former Tory government acknowledged the recommendations but delayed the decision, promising to hold another review within two years of the next parliament. The next review will be held under Labour. You can check your state pension age using the online tool at it is free to use, and all you need to do is enter your birthday. You can also use the 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 Sign up to Mirror Money's newsletter for the latest advice and news
