By 2028, this will be fully implemented for men and women.
DWP state pension age rise coming for people with these birthdays
The State Pension will increase next year – from 66 to 67 – older people in the UK have been warned. By 2028, this will be fully implemented for men and women.
All those affected by changes to their State Pension age will receive a letter from the Department for Work and Pensions ( DWP ). The Pensions Act 2014 which raised the State Pension age also tweaked its phasing.
As a result, people born between March 6, 1961, and April 5, 1977, will be eligible to claim the State Pension once they turn 67. Labour Party Chancellor Rachel Reeves last month said a review which could see the age being increased even further is needed to ensure the system is “sustainable and affordable”.
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The Government review is due to report in March 2029 and Ms Reeves said it was “right” to look at the age at which people can receive the state pension as life expectancy increases.
The state pension age is currently 66, rising to 67 by 2028 and the Government is legally required to periodically review the age.
The Chancellor told reporters: “We have just commissioned a review of pensions adequacy, so whether people are saving enough for retirement, and also the state pension age.
“As life expectancy increases it is right to look at the state pension age to ensure that the state pension is sustainable and affordable for generations to come. That’s why we have asked a very experienced set of experts to look at all the evidence.”
Rachel Vahey, head of public policy at AJ Bell, said: “An increase to state pension age from 66 to 67 is already slated to happen between 2026 and 2028. But it’s less clear what will happen after that. There is also an increase to age 68 pencilled in for 2046, but a faster increase is definitely on the cards.
“The first two reviews of the state pension age advocated bringing this forward, but successive governments have treated the issue like a hot potato. This latest state pension age review, however, may eventually force the government’s hand.
“State pension benefits are one of the single biggest expenses for the Treasury and account for more than 80 per cent of the £175 billion pensioner welfare bill. Without policy intervention, state pension costs are set to spiral to nearly 8% of GDP over the next 50 years based on the current trajectory, up from 5.2% today.
“The second state pension age review in 2023 recommended that the increase to 68 should be introduced between 2041 and 2043 to help reduce costs, although the government under Rishi Sunak opted not to commit to that timetable.
“However, the new Labour government may feel it needs to consider the rise to age 68 more closely, particularly if it wants to demonstrate steps toward long-term fiscal prudence.”
The DWP has set out the following timetable for the increase in State Pension age from 66 to 67, affecting when people with birthdays between April 6, 1960, and March 5, 1961 can claim their pension:
- Born between April 6, 1960, and May 5, 1960 – Reach State Pension age at 66 years and 1 month
- Born between May 6, 1960 – June 5, 1960- Reach State Pension age at 66 years and 2 months
- Born between June 6, 1960 – July 5, 1960- Reach State Pension age at 66 years and 3 months
- Born between July 6, 1960 – August 5, 1960 – Reach State Pension age at 66 years and 4 months
- Born between August 6, 1960 – September 5, 1960 – Reach State Pension age at 66 years and 5 months
- Born between September 6, 1960 – October 5, 1960 – Reach State Pension age at 66 years and 6 months
- Born between October 6, 1960 – November 5, 1960 – Reach State Pension age at 66 years and 7 months
- Born between November 6, 1960 – December 5, 1960 – Reach State Pension age at 66 years and 8 months
- Born between December 6, 1960 – January 5, 1961 – Reach State Pension age at 66 years and 9 months
- Born between January 6, 1961 – February 5, 1961 – Reach State Pension age at 66 years and 10 months
- Born between February 6, 1961 – March 5, 1961 – Reach State Pension age at 66 years and 11 months
- Born between March 6, 1961 – April 5, 1977 – Reach State Pension age at 67
