UK Pension Reform
Increases To The UK State Pension Age
Although increasing the age at which you get
your state pension is bound to be unpopular with a lot of
people, it is widely-believed to be necessary, and other
countries are making similar changes.
There are two reasons for this:
Average life
expectancy is rising
The average
age of the population is rising
This means that for the numbers to add up,
we all need to work a bit longer - otherwise there will
be too few people working (and paying National Insurance)
and too many people claiming pension benefits.
If you were born before 1959, you can stop
reading now - this won't affect you.
If you were born after 1959, read on -
you will be affected by these changes.
The first change is that the difference in
pension ages between men and women is being abolished. The
state pension age for women will be gradually increased
from 60 to 65, starting in 2010:
New state pension ages for women
Date
of Birth |
New
State Pension Age |
6th April, 1951 |
61 |
6th April, 1952 |
62 |
6th April, 1953 |
63 |
6th April, 1954 |
64 |
6th April, 1955 |
65 |
The next change is for the state pension age
to be increased from 65 to 68:
New state pension ages for Men &
Women
Date
of Birth |
New
State Pension Age |
6th April, 1959 onwards |
66 |
6th April, 1968 onwards |
67 |
6th April, 1977 onwards |
68 |
You will still be able to retire early if
you want to, but you will have to be able to support yourself
until you reach the new state pension age.
Read on about
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