Autumn Statement: 'Longer wait' for state pension

[dutchman]

Some people will have to work longer until retirement under plans to introduce a state pension age of 67 earlier than planned.



Under the current law, the state pension age was going to rise to 67 between 2034 and 2036, and then 68 between 2044 and 2046.

However, Chancellor George Osborne said this rise to 67 would start eight years earlier in 2026.

He said this would secure a "long-term future" for state pensions.

Pension age

The current state pension is worth £102.15 a week for those who qualify through National Insurance contributions, and will rise by £5.30 next April.

For men born before 6 December 1953, the current state pension age is 65.

For women, it has been increasing from 60 to 65 since April 2010. This affects women born on or after 6 April 1950.

Under recent legislation, the women's state pension age will increase more quickly to 65 between April 2016 and November 2018.

Then from December 2018, the age for both men and women will start to increase to reach 66 in October 2020. This is six months later than was originally planned by the government.

There is a state pension age calculator on the Directgov website that outlines when people are due start receiving payments.

[rebbonk]