The state pension age is the age at which a person can claim the state pension. It is currently rising – having previously stood at 60 for women and 65 for men. In November 2018, the state pension age reached 65 for both men and women, however it has since changed again.
- State pension age? You could be missing out on thousands
The changes to the state pension age for women were made under the Pensions Act 1995 and the Pensions Act 2011.
It is now set to reach 66 for both men and women in October 2020.
Due to the changes, people with the date of birth from May 6, 1954 to June 5, 1954 will reach their state pension age on January 6, 2020.
Those born between June 6, 1954 and July 5, 1954 will reach state pension age on March 6, 2020.
The full timetable of the changes taking place can be found on the government website.
Under the Pensions Act 2014, the state pension age will increase from 66 to 67 between 2026 and 2028.
Based on current legislation, the state pension age will then increase from 67 to 68 between 2044 and 2046.
In addition to looking at the timetable, it’s possible to check what one’s state pension age is online.
This can be done via the “Check your State Pension age” tool on the government website.
Users need to input whether they want to check their bus pass age or their state pension age.
They will also need to declare their date of birth, and state whether they’re classed as a man or a woman.
The service will then detail when a person reached or is due to reach state pension age.
- State pension age? Martin Lewis warns one million may miss out on £140
It will also say what an individual’s state pension age is, as well as their Pension Credit qualifying age.
While the state pension cannot be claimed prior to reaching state pension age, it is possible to defer claiming it.
The payment is not made automatically, hence by not claiming it, one can delay receiving it.
If this is for a certain period of time, then the state pension amount that is paid can increase.
It’s possible to find out how much state pension a person could get, known as a state pension forecast, online.
This can be done by using the government’s “Check you State Pension” tool.
The service also tells the user when they can get the payment.
They will also be able to find out how to increase it, if they can.Source: Read Full Article