Millions of people in the UK could see their retirements delayed as ministers consider raising the state pension age again.
Currently, the state pension age is 66. People on the full basic state pension receive £141.85 each week and typically need 30 years to receive the payments, reports the Daily Express. But, the age is set to increase to 67 between 2026 and 2028
People can find out the earliest age they can claim the state pension using a tool on the Government website.
READ MORE: Millions of Universal Credit claimants to get extra cash bonus
The useful tool can help a person find out several things to help them plan ahead such as:
- When they will reach State Pension age
- Their Pension Credit qualifying age
- When they will be eligible for free bus travel
Tom Selby, Head of Retirement Policy at wealth advisors AJ Bell, previously warned the state pension age will rise beyond 68. He told the Daily Express younger workers should brace for retiring even later: “They should prepare to receive their state pension from age 70, or potentially at an even later date.”
Since the appointment of new Prime Minister Rishi Sunak, the "triple lock" policy has also been thrown into doubt. Usually, the policy guarantees the state pension rises each year in line with the highest of 2.5 per cent, average earnings or inflation. Ministers ditched the average earnings element last year after a spike in earnings following the pandemic.
Pensions could still get a large payment boost next April if the triple lock is reinstated, as the September figure for inflation was 10.1 per cent. But the PM has declined to confirm the policy will return next year. If the triple lock returns, the new full state pension would rise to £203.85 a week, the first time it has gone above £200.
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