The state pension age—the earliest age at which you can begin claiming your state pension—is undergoing significant changes. Currently set at 66, it will gradually rise to 67 over the next two years.
This change affects individuals born between 6 April 1960 and 5 March 1961, who will see their state pension age increase to 67. Those born after 6 April 1978 are expected to face an even higher pension age of 68 in the future.
These forecasts are based on the Pensions Act 2007, which anticipates the state pension age will reach 68 between 2044 and 2046. However, this timeline is under review, and the government could potentially introduce these changes sooner, impacting people born before April 1978.
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Under the Pensions Act 2014, the state pension age must be reviewed at least every five years. The current, third review started last year and is expected to conclude by March 2029. This review will evaluate factors such as increasing life expectancy, employment trends, financial sustainability, and long-term viability before recommending any changes.
The government can accelerate adjustments to the state pension age based on these reviews, but all changes require Parliamentary approval before implementation.
These policies reflect the principle that each generation should enjoy a roughly equal proportion of their adult life in retirement, receiving state pension benefits. Earlier recommendations from the 2005 Pensions Commission emphasized aligning pension age with current life expectancy to maintain fairness across generations.
People affected by changes to their state pension age will receive advance notification from the Department for Work and Pensions (DWP), giving them time to revise retirement plans accordingly.
You can check your personal state pension age online via the Gov.UK website, which also offers a pension forecast tool to estimate your expected pension amount. Your state pension depends on your National Insurance record—you must have at least 10 qualifying years to receive any new state pension benefits, though these years do not need to be consecutive.
For the full new state pension, 35 qualifying years are required. If you have gaps in your National Insurance contributions, you may be able to fill them by paying voluntary contributions.
In 2023, analysis from Royal London found that just over half of the 3.4 million people receiving the new state pension are getting the full amount, currently £230.25 per week. The pension increases annually under the triple lock mechanism to protect its value over time.