Summary
The age to receive a state pension in the UK is gradually increasing from 66 to 67 over the next two years. This change is designed to align with people's longer life expectancies, with the adjustment expected to save the government money.
Key Facts
- The state pension age is rising from 66 to 67 in stages over two years.
- The increase starts with people born between April 6 and May 5, 1960, who will see a one-month delay.
- The change aims to reflect longer life expectancies, with some expecting the age to rise further in the future.
- By 2030, the age increase is expected to save the UK Treasury about £10 billion annually.
- A full state pension typically requires 35 years of national insurance contributions.
- The new state pension amount will rise to £241.30 a week, while the old pension will increase to £184.90 a week.
- Charities suggest the increase could impact those in poorer health or lower-income areas more severely.
- The rise could lead to higher employment rates among affected age groups, but some may face lower life satisfaction.
