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State pension age is increasing – how to check when you can claim | Personal Finance | Finance


The Government has set out plans to increase the state pension age from 66 to 67 and then to 68. Plans are in place for the state pension age to gradually go up to 67 by 2028 and then to 68 between 2044 and 2046.

A person can find out when they will be able to claim their state pension using a tool on the Government website.

The tool will also tell the user when they will qualify for Pension Credit, a benefit which tops up the incomes of people of state pension age who are on a low income.

It’s important to know when a person is on track to start receiving their state pension as this may be an important part of their retirement income.

Some analysts are expecting the move to 68 to be brought forward, with the move from 67 to 68 to take place between 2034 to 2036.

READ MORE: State pension rates to rise next month – how much will your payment increase to?

The Government is to publish a review into the state pension age later this year with some experts predicting they will announce the age increase will be brought forward.

When a person reaches state pension age, they will need to claim their state pension as payments do not go out automatically.

A person should receive a letter inviting them to apply for their state pension when they are approaching state pension age.

Those wanting to find out how much state pension they are on track to receive can do so using the state pension forecast tool on the Government website.

A couple appeared on a recent episode of Martin Lewis’ ITV show after they paid just under £1,000 in contributions and are set to receive an extra £11,500 in state pension payments as a result.

The financial journalist encourages anyone aged 45 to 70 to check if they can top up their state pension.

People can usually buy contributions up to six years ago but at present, there is the option to buy contributions further back up to another 10 years, to 2006.

This opportunity will only last until the end of the tax year, on April 5, after which people will only be able to pay contributions up to six years ago.

Some analysts have warned the state pension age could further increase, going up as high as 70, as the Government struggles to afford the payments.

The triple lock policy guarantees the state pension increases each year in line with the highest of 2.5 percent, the rise in average earnings or inflation.

The policy was reinstated last year, with soaring inflation meaning pensioners are to receive a large 10.1 percent increase in payments this year.

Many benefits are also increasing by 10.1 percent, including Pension Credit, Carer’s Allowance and Attendance Allowance.

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