What is the State Pension age?

There isn’t one State Pension age for everybody; the answer depends on your circumstances. Right now, the State Pension age is 66 for most people approaching retirement. This is the earliest you can receive your State Pension if you have paid in enough years of national insurance contributions.

However, 66 may not be the State Pension age for you.

It all depends on when you were born. People are living longer and spending a larger proportion of their adult life in retirement; because of this, the State Pension age will increase and be later for today’s younger generations.

There are currently two types of State Pensions. The new State Pension came into effect in 2016, replacing the basic State Pension which existed before it. Which Pension applies to you will depend on whether you reached State Pension age before the new State Pension came into force (see the table below).

The State Pension age will increase to 67 by 2028 and then 68 by 2046. There are also plans to bring forward this second increase to between 2037 and 2039.

As a result, you need to be aware that, even though the State Pension age is 66 right now, this is potentially going to be different based on your age and could even change again.

To find out your exact State Pension age, go to the government gateway website.

What is the female State Pension age?

For many years, the retirement age for women was 60, while men would retire at 65. State Pension age changes through the 2010s have brought retirement ages in line with each other across the board. Your State Pension age is now solely based on your date of birth.

Your State Pension age is now solely based on your date of birth.

How much is a State Pension worth?

The full amount for a new State Pension in 2024-25 is £221.20 per week. It is calculated according to your National Insurance (NI) contributions. Anyone who has paid into NI for 35 qualifying years will receive the full amount.

Those with fewer qualifying years will receive an amount based on the number of years they have contributed. People may have lower contributions if they have lived abroad, were self-employed or in low-income work.

The amount people receive may also be higher or lower than the ‘full amount’ figure, depending on which schemes they paid into under previous Pension regulations.

Do State Pension payments increase?

Yes, State Pension payments are increased in April each year in a process known as the ‘triple lock’. This Government commitment means that payments will increase in line with whichever of the following is greater:

1. Earnings: The average percentage increase of wages in the UK
2. Prices: The percentage increase measured by the Consumer Prices Index (CPI), which is essentially a measure of inflation
3. A minimum rate: Set at 2.5%

When you reach eligibility for your State Pension, you need to claim it – it won’t be paid automatically. You’ll receive a letter before you reach eligibility with instructions on how to claim your State Pension. You can also start the process online.

You can opt to defer the payments. This can increase the amount you get paid via your State Pension. It can also increase how much tax you pay. To defer, you simply don’t start the process of claiming.

When you reach eligibility for your State Pension, you need to claim it – it won’t be paid automatically.

What age can I get other Pensions?

Many people may wish to retire before the State Pension age, increasing options to enjoy activities such as travelling and caring for grandchildren.

Personal Pensions and Workplace Pensions both offer this increased flexibility. For most Personal and Workplace Pensions, you can start to claim them from the age of 55, although this is set to go up to 57 in 2028.

These options may mean you can choose to retire at an age of your choosing. However, you still won’t be able to claim State Pension until you reach your age of eligibility.

Given the potentially variable nature of the State Pension age, there are things you can do to add some more certainty to your retirement.

Consider investing in different Pensions or increasing your contribution in a Workplace Pension. This will mean you aren’t reliant on the State Pension – you’ll be contributing and investing your money on your own terms.

Additionally, the State Pension simply isn’t enough for some people to retire on. The current full new State Pension amounts to £11,502 a year. Is that enough for you to live on? Think about the cost of your lifestyle – it has been said that retirement is like a week full of weekends. The likelihood is that £11,502 a year may not be enough.

It has been said that retirement is like a week full of weekends.

How much you’ll need in retirement will vary from person to person. Prepare today to ensure that you are in a comfortable financial position to retire on your terms and remember that, if you ever need more support, you can speak to a financial adviser.

Our Pension advisers can help you create a detailed retirement plan that helps you reach your retirement goals and possibly leave a meaningful legacy for your family too.

Contact us to find out more about our advisers and the technology solutions that can unlock the True Potential of your retirement.

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