State pension age increases to 67 next year

The state pension age in the UK will rise next year for many people. Currently, men and women can start receiving the state pension at the age of 66. However, this age will gradually increase to 67 from 2026 to 2028 for those born after April 1960. This change is part of a law that was established in 2014. It means everyone will reach the new age of 67 by March 2028. In addition, there is another increase planned for the state pension age, moving from 67 to 68 between 2044 and 2046. The process for this increase has been adjusted. Instead of everyone reaching the new age on the same date, people born between March 6, 1961, and April 5, 1977, will be able to claim their pension when they turn 67. Individuals will receive letters from the Department for Work and Pensions (DWP) before these changes take effect. A review of the state pension age must happen at least every five years, according to the Pensions Act 2014. This review will consider life expectancy and other factors. As for this year, UK state pensioners can expect an increase in their payments starting April 6, which is the beginning of the new tax year. The rise is determined by the triple lock system, selecting the highest value from inflation, wage growth, or a fixed rate of 2.5%.