Today the government announced an acceleration to age 68 for some retirees.
State Pension Age Proposed Changes
Today (19 July 2017) the government announced proposed changes to the State pension age as a result of the review that was undertaken and completed earlier this year by John Cridland.
Having studied the results of the review (you can find more details about it here), changes have been announced that would bring forward the date at which a retirement age of 68 will be introduced, once these proposals have passed through legislation. Read More
If you were born in 1982 then you are part of what is known as ‘Generation Y’ or the Millenials. This can include anyone born up until the year 2000, as definitions vary.
Those born in this time are seen to be more tech savvy but also have problems in terms of buying their own homes and saving for retirement. One issue that they also have right now is that they do not know exactly when they are going to be able to retire! Read More
If you were born in 1980/81 then you are classed as being part of ‘Generation Y’ which includes anyone born up until the year 2000. Retirement ages for this generation are not currently set in stone but you should be able to have a reasonable idea of when you can retire and as time goes on this will become more definitive (and we will update any changes here). Read More
What is my retirement age if I was born in 1978? (Updated March 2023)
If the above question applies to you then then the answer to this question is a bit up in the air. According to the Pensions Act 2007 (which is currently the most recent legislation on State Pension age), there was a difference for those who were born before 6th April 1978 and those who were born on or after that date. Read More
So you were born in 1976 and maybe you are confused about when your retirement age is as there have been so many changes to State pension ages in the last few years and also many proposals for changes.
There is legislation in place that dictates when people are able to retire and draw their State pension at the moment but those ages/dates can change if further legislation is introduced. Read More
Were you born in 1975 and want to know at what age you can retire?
As there have been a lot of changes in State Pension age over the last few years and decades, it has become quite confusing to many people as to when they will be able to claim their State Pension.
The age at which you can collect your State pension may also differ from the age at which you can draw your personal or your company pension, so you should check your pension policies for those details. Read More
In March 2016 John Cridland CBE started a review of state pension ages for those people who would be retiring after April 2028. The review was required by the 2014 Pensions Act which said that state pension ages would be reviewed in each parliament session and this one was the first. As state pension ages for those retiring before 2028 are already set in law, there was no scope for any changes for those people.
Anyone whose retirement age falls before April 2028 will not be affected by any changes that may be proposed in this review, but those retiring after that date may see an increase in their retirement age.
In October 2016 Mr Cridland released an interim review document which called for the views of public and representative bodies so that they can have their input into the future of the state pension and how and when it is paid. The consultation period lasts until the end of December 2016.
The interim review is set to be forward looking in terms of the situation of future retirees, the change in demographics predicted in the future and in particular whether state pension age should be more flexible rather than at a fixed date for each person.
Those who are part of Generation X are most likely to be affected by the review of state pension ages.
The review separated people into 3 generations – Baby Boomers (born 1945-65), Generation X (born 1966-1979) and Generation Y (born 1980-2000). It is most likely that those who fall into the Generation X category will be more likely to be affected by this review as they will be the ones whose retirement age falls first in terms of those affected, and those who have the shortest amount of time to make any changes that they may need to with regard to retirement planning.
The terms of reference of the review meant that it needed to consider the three key pillars of Affordability, Fairness and Fuller Working Lives.
In terms of affordability, simply looked at, the state pension is paid for by the people who are working at that time and so the relationship between the number of working people to the number of retired people needs to be taken into account to assess the affordability (amongst other factors).
Fairness is in reference to the fairness of the amount of state pension paid to different generations, i.e. perhaps some people will consider that they are receiving less pension than their parents or grandparents, having paid in the same amount.
In taking into account fuller working lives, this should enable people to work longer, as the level of health and fitness of people increases compared to older generations at the same age.
Another key factor that we have posted about before is the fact that life expectancy is increasing which obviously means that if pensions were paid from the same date that they would need to be paid for longer and this would be more expensive. Part of the governments proposals on state pension ages was that it was expected that people would spend around a third of their working lives in retirement and obviously if life expectancy increases, this is likely to increase retirement ages when you take that into account.
The review is also looking in particular at those who may be most impacted – carers, the self-employed and people with disabilities who may find it hard to build up their own private pension and emphasis was put on getting feedback from those groups of people.
The review will conclude by May 2017 and it could be expected that we may see some more changes in retirement ages set out in legislation after that.
If you were born in 1974 then you may be wondering at what age you are able to retire.
There have been many changes in State Pension age over the last few years and decades and it has become quite confusing to many people as to when they will be able to get their State Pension.
There may be different rules in place for when you are able to draw your personal pension or company pension benefits and you will need to contact the scheme administrator if you are not sure, or you could check your documentation. Read More
If you were born in 1973 then you may be wondering what your retirement age is.
By retirement age in this context we mean state pension age, i.e. the date or age at which you are first allowed to claim your state pension and get the benefits that you have earned through your previous NI payments.
There may be different rules in place for what age you are able to draw your personal pension or workplace pension benefits and you will need to contact your scheme administrator if you are not sure, or check your documentation. Read More
Generation Y
If the above question applies to you then then the answer to this question is a bit up in the air. According to the Pensions Act 2007 (which is currently the most recent legislation on State Pension age), there was a difference for those who were born before 6th April 1978 and those who were born on or after that date. 
