Sumary of State pension UK: Britons urged to check state pension age as ‘goalposts continue to move’:
- In the past, state pension age was 60 for women and 65 for men, but increases were set out under the Pensions Act 1995..
- Further increases saw the state pension age for both men and women rise to 66 – something which was reached in October 2020..
- Based on current law, the state pension age will then rise to 68 between 2044 and 2046 via the Pensions Act 2007..
- State pension will increase but concern the sum ‘doesn’t meet’ Britons’ financial needs Marking the five-year milestone, Andrew Tully, technical director at Canada Life, commented on the new state pension mechanism..
- “The state pension is an incredibly valuable part of the retirement eco system in the UK and is playing its part in helping boost the retirement income prospects of millions of people,”.
- “However, the state pension is far from generous, with the onus really on individuals to take personal responsibility to save if they wish to enjoy their retirements.”.
- “Firstly, go online and spend two minutes checking your state pension age, as the goal posts continue to move, especially for younger people.”.
- It’s also possible to get a forecast via post, provided the person reaches state pension age in more than 30 days…