UK Investment Guides Loader

State Pension rule changes come into effect

written by Bella Palmer
state-pension

In the latest round of changes, from Monday, July 6, anyone born between August 6 1954 and September 5 1954 will see their State Pension age increase from 65 to 66

With another change to the State Pension age coming into effect today, it’s important for everyone to understand how this might impact their future.

Your State Pension age is the earliest age you can start receiving your State Pension and may be different to the age you can get a workplace or personal pension.

It can be claimed when a person reaches their official State Pension age and depends on a person’s gender and date of birth.

The UK Government is in the process of raising State Pension ages to 66 across the board and there are plans to raise it to 68 in the coming years.

In the latest round of changes, from Monday, July 6, anyone born between August 6 1954 and September 5 1954 will see their State Pension age increase from 65 to 66.

There is one more change scheduled after this on September 6, 2020 and from October, everyone will reach State Pension age on their 66th birthday.

State Pension payments can be received by anyone who has at least 10 years of National Insurance contributions and has reached State Pension age.

With all the State Pension age changes, some people may feel unsure about when they can retire.

The UK Government has a free and easy to use online tool which can give an exact date for qualification just by entering your gender and date of birth.

The tool provides information on when you will: Reach State Pension age, qualify for Pension Credit, and be eligible for free bus travel - you are eligible for a free bus pass if you are over 60 in Scotland.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

You can tell friends this post!