THE DEPARTMENT OF WORK AND PENSIONS AND THE STATE PENSION AGE IN THE UK
The state pension age is currently 65 for men and between 60 and 65 for women born on or after 5 April 1950 and before 6 December 1953. It is scheduled to increase gradually due to individuals living longer and being able to work for longer. In recognition, and to reduce pressure on the government, it has been decided to increase the state pension age over time.
The retirement ages for both men and women are set to increase to :
-66 between Dec 2018 and Oct 2020
-67 between 2026 and 2028
-68 between 2044 and 2046
Women who were scheduled to reach state pension age at 60 have been particularly effected because they have had little time to adapt to the increase in state pension age.
The benefit of the state pension is that individuals that have contributed NI for at least 10 qualifying years (in respect of the new single tier pension) can receive an income for life.
Department of Works and Pensions (DWP)
The department for work and pensions is responsible for welfare, pensions and child maintenance policy. It is the UK’s biggest public service department that administers the state pension and a range of working, disability and ill health benefits to approximately 20 million claimants and customers.
Their priorities are to run an effective welfare system that enables people to achieve financial independence by providing assistance and guidance into employment. Their main responsibilities include; Increase savings and security for later life and creating a fair and affordable welfare system which improves the life chances of children. Services include job center plus, the pension service, and child maintenance services.
If you need more information regarding the state pension age in the UK and what you can do to help improve your own situation, please contact your PS & Partners advisor today.