Latest news with #PensionsActof2014
North Wales Live
11-05-2025
- Business
- North Wales Live
State pension age to increase in 2026 - what you need to know
The State Pension age in the UK is set to increase from 66 to 67 starting next year, with the rise expected to be fully implemented for both genders by 2028. This adjustment to the official retirement age has been part of UK legislation since 2014, and a subsequent increase from 67 to 68 is planned to take place between 2044 and 2046. The Pensions Act of 2014 accelerated the increase of the State Pension age from 66 to 67 by eight years. The UK Government also modified the phasing of the State Pension age increase, 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 keep up-to-date with these upcoming changes, especially if you have a retirement plan in place. All those affected by changes to their State Pension age will receive an advance notification letter from the Department for Work and Pensions (DWP). As per the Pensions Act 2007, the State Pension age for both men and women will see another rise from 67 to 68 between 2044 and 2046. The Pensions Act 2014 mandates a regular review of the State Pension age at least every five years. These reviews will follow the principle that individuals should spend a certain proportion of their adult life receiving a State Pension, reports Wales Online. The UK's state pension age is due for a review before the end of this decade. Originally, the Conservative government had planned this review for two years post the general election, which would have been in 2026. The review will consider factors such as life expectancy when deciding on the State Pension age. Following the review, the UK Government may decide to adjust the State Pension age. However, any proposed changes must be approved by parliament before they can be implemented into law. This is the earliest age at which you can start receiving your State Pension, which may not be the same as the age at which you can access a workplace or personal pension. In terms of increasing State Pension payments, HM Revenue and Customs (HMRC) recently revealed that over 10,000 payments totalling £12.5 million have been made through the new digital service to boost State Pensions since it was launched 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. The duration for making voluntary National Insurance contributions has been significantly increased beyond the usual six-year limit. The past administration extended the period to allow backdated payments from April 6, 2006, to April 5, 2018, and now, under the new State Pension rules, up to April 5, 2025. This gives individuals additional time to assess their situation and contribute further if needed. Those eligible for these top-ups include men born from April 6, 1951, and women from April 6, 1953, which can potentially raise their eventual New State Pension sum. For some people, obtaining National Insurance credits may be a better route than making contributions, so it's important to explore all the options.
Wales Online
10-05-2025
- Business
- Wales Online
State pension to rise in 2026 for people born in these years
State pension to rise in 2026 for people born in these years The State Pension age in the UK is currently set to start rising from 66 to 67 from 2026, with the increase expected to be fully implemented for men and women by 2028 The State Pension age in the UK is due to rise from 66 to 67 starting next year, with the rise anticipated to be fully realised for both genders by 2028. This change to the official retirement age has been a part of UK legislation since 2014, and a subsequent hike from 67 to 68 is scheduled to occur between 2044 and 2046. The Pensions Act of 2014 fast-tracked the increase of the State Pension age from 66 to 67 by eight years. The UK Government also adjusted the phasing of the State Pension age elevation, meaning that instead of reaching State Pension age on a specific date, individuals born between March 6, 1961, and April 5, 1977 will qualify to claim the State Pension once they reach 67. It's vital to stay informed about these forthcoming changes, particularly if you have a retirement plan in place. All those affected by changes to their State Pension age will receive an advance notification letter from the Department for Work and Pensions (DWP). According to the Pensions Act 2007, the State Pension age for both men and women will undergo another increase from 67 to 68 between 2044 and 2046. For money-saving tips, sign up to our Money newsletter here . The Pensions Act 2014 requires a regular review of the State Pension age at least every five years. These reviews will adhere to the principle that individuals should spend a certain proportion of their adult life receiving a State Pension. The UK's state pension age is due for a review before the end of this decade. Originally, the Conservative government had planned this review for two years post the general election, which would have been in 2026. Article continues below The review will consider factors such as life expectancy when deciding on the State Pension age. Following the review, the UK Government may decide to adjust the State Pension age. However, any proposed changes must be approved by parliament before they can be implemented into law. This is the earliest age at which you can start receiving your State Pension, which may not be the same as the age at which you can access a workplace or personal pension. In terms of increasing State Pension payments, HM Revenue and Customs (HMRC) recently revealed that over 10,000 payments totalling £12.5 million have been made through the new digital service to boost State Pensions since it was launched 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. Article continues below The duration for making voluntary National Insurance contributions has been significantly increased beyond the usual six-year limit. The past administration extended the period to allow backdated payments from April 6, 2006, to April 5, 2018, and now, under the new State Pension rules, up to April 5, 2025. This gives individuals additional time to assess their situation and contribute further if needed. Those eligible for these top-ups include men born from April 6, 1951, and women from April 6, 1953, which can potentially raise their eventual New State Pension sum. For some people, obtaining National Insurance credits may be a better route than making contributions, so it's important to explore all the options.
Leader Live
22-04-2025
- General
- Leader Live
UK State Pension age is going up again in 2026 for millions
It's part of a series of changes which started in 2018, when men and women's pension age increased from 65 so that it reached 66 by October 2020. The Pensions Act of 2014 sped up the increase in the State Pension age from 66 to 67 by eight years, with millions affected. From 6 May 2026, the State Pension age will start increasing again and will reach 67 by March 6, 2028. Long gone are the days when women qualified for their state pension at 60 and men at 65. Changes have seen the retirement age for both sexes increase, starting at 65, and since gradually creeping up to the age of 68. This includes the changes which left the WASPI women - mostly born in the 1950s - fighting for a fairer deal. Quick Poll: Should State pay the compensation Parliamentary Ombudsman says is due to women born in the 50s (Waspi), due to maladministration in letting em know their state pension age was being increased? Govt's apologised but said other priorities for the £3.5bn to £10bn The DWP website has a checker for the exact date you get your State Pension, but there's a warning that it "is regularly reviewed, so the results of this tool may change in the future." This depends on your age. The full State Pension is currently £221.20 per week, or £11,502 annually. This will rise to £230.30 weekly, or £11,975 annually, from next month, April 2025, but this depends on how many National Insurance contributions you have made. Recommended reading: This includes National Insurance contributions that you pay when you are working and contributions that are credited to you when you are unable to work, or when you were in receipt of Child Benefit in your name. You can check out how much you will get by going to the DWP State Pension website. You can see how many complete years of National Insurance contributions you have made and a forecast of how much you will get. You can also see Citizens Advice says: 'You can choose to keep on working, whether paid or on a voluntary basis, while claiming your State Pension. 'Any money you earn will not affect your State Pension, but it may affect your entitlement to other benefits such as Pension Credit, Housing Benefit and Council Tax Reduction.' You may also be able to claim Pension Credit when you reach State Pension age. You can apply on the government website. Pension Credit tops up your weekly income to £218.15 if you're single, or your joint weekly income to £332.95 if you have a partner. If your income is higher, you might still be eligible for Pension Credit if you have a disability, you care for someone, you have savings or you have housing costs. Your income includes: Not all benefits are counted as income. For example, the following are not counted: If you have £10,000 or less in savings and investments this will not affect your Pension Credit. If you have more than £10,000, every £500 over £10,000 counts as £1 income a week. For example, if you have £11,000 in savings, this counts as £2 income a week.
Rhyl Journal
22-04-2025
- General
- Rhyl Journal
UK State Pension age is going up again in 2026 for millions
It's part of a series of changes which started in 2018, when men and women's pension age increased from 65 so that it reached 66 by October 2020. The Pensions Act of 2014 sped up the increase in the State Pension age from 66 to 67 by eight years, with millions affected. From 6 May 2026, the State Pension age will start increasing again and will reach 67 by March 6, 2028. Long gone are the days when women qualified for their state pension at 60 and men at 65. Changes have seen the retirement age for both sexes increase, starting at 65, and since gradually creeping up to the age of 68. This includes the changes which left the WASPI women - mostly born in the 1950s - fighting for a fairer deal. Quick Poll: Should State pay the compensation Parliamentary Ombudsman says is due to women born in the 50s (Waspi), due to maladministration in letting em know their state pension age was being increased? Govt's apologised but said other priorities for the £3.5bn to £10bn The DWP website has a checker for the exact date you get your State Pension, but there's a warning that it "is regularly reviewed, so the results of this tool may change in the future." This depends on your age. The full State Pension is currently £221.20 per week, or £11,502 annually. This will rise to £230.30 weekly, or £11,975 annually, from next month, April 2025, but this depends on how many National Insurance contributions you have made. Recommended reading: This includes National Insurance contributions that you pay when you are working and contributions that are credited to you when you are unable to work, or when you were in receipt of Child Benefit in your name. You can check out how much you will get by going to the DWP State Pension website. You can see how many complete years of National Insurance contributions you have made and a forecast of how much you will get. You can also see Citizens Advice says: 'You can choose to keep on working, whether paid or on a voluntary basis, while claiming your State Pension. 'Any money you earn will not affect your State Pension, but it may affect your entitlement to other benefits such as Pension Credit, Housing Benefit and Council Tax Reduction.' You may also be able to claim Pension Credit when you reach State Pension age. You can apply on the government website. Pension Credit tops up your weekly income to £218.15 if you're single, or your joint weekly income to £332.95 if you have a partner. If your income is higher, you might still be eligible for Pension Credit if you have a disability, you care for someone, you have savings or you have housing costs. Your income includes: Not all benefits are counted as income. For example, the following are not counted: If you have £10,000 or less in savings and investments this will not affect your Pension Credit. If you have more than £10,000, every £500 over £10,000 counts as £1 income a week. For example, if you have £11,000 in savings, this counts as £2 income a week.
