Plans are already in place for a phased increase of the state pension age from 66 to 67 by 2028. The next increase to 68 is set to be a few years after that however there are suggestions that this could be brought forward.
The Pensions Act 2014 requires government to regularly review the state pension age.
Under the current plans to raise the state pension between 2044 and 2046, anyone born from April 6, 1978, and onwards would receive their state pension aged 68.
If the increase is brought forward between 2035 and 2037, anyone born from April 6, 1969, and onwards would receive their state pension aged 68.
But if the Government brings the increase in retirement age forward more quickly, to between 2033 and 2035, anyone born from April 6, 1967, and onwards would have a state pension age of 68.
Many older people will be left waiting years longer to receive their benefits.
As the state pension age increases, many older Britons will wonder when they can take their state pension, and if they are affected by the rise.
An online tool shows a person when they will reach state pension age.
People can find out their state pension age, their Pension Credit qualifying age and when they’ll be eligible for free bus travel.
Britons can follow the instructions on the Government website and put in their details to get the information.
It should then state when one will reach the state pension age and the state pension age.
People can find out an estimate of how much state pension they will receive online.
This can be done for free through the Government’s state pension forecast tool.
The tool is available to anyone who has not yet reached state pension age.
How much state pension one will receive depends on the number of years they have on their National Insurance record.
To get the full state pension, 35 years of NI contributions may be required, and 10 years are needed to get anything at all.
Qualifying years are accumulated through working, but can also be earned by receiving certain benefits or making voluntary contributions.
In December 2021, the Department for Work and Pensions explained why they reviewing a potential increase.
They said: “As the number of people over state pension age increases, due to a growing population and people on average living longer, the government needs to make sure that decisions on how to manage its costs are, robust, fair and transparent for taxpayers now and in the future.
“It must also ensure that as the population becomes older, the state pension continues to provide the foundation for retirement planning and financial security.”
Currently, the state pension is worth £185.15 per week and the full basic state pension is £141.85 per week.
The state pension is due to increase by 10.1 percent in line with inflation.
The state pension may seem like a given, but not everyone is entitled to the full amount or even any at all if they don’t have the necessary National Insurance credits.
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