SOCIAL SECURITY BENEFITS/PENSIONS – STATE BENEFITS
Synopsis: The Government have issued updated tables confirming how the changes in State Pensions Age will be phased in.
Date posted: Thursday, May 22, 2014
The Government has published state pension age (SP) timetable which shows the phasing in of the increases in SPA.
Increases under the Pensions Act 2011
The Pensions Act 2011 increases women’s State Pension age more quickly to 65 between April 2016 and November 2018. From December 2018 the State Pension age for both men and women will start to increase to reach 66 by October 2020.
Increase in State Pension age from 66 to 67 under the Pensions Act 2014
The Pensions Act 2014 brought the increase in the State Pension age from 66 to 67 forward by eight years. The State Pension age for men and women will now increase to 67 between 2026 and 2028. The Government also changed the way in which the increase in State Pension age is phased so that rather than reaching State Pension age on a specific date, people born between 6 April 1960 and 5 March 1961 will reach their State Pension age at 66 years and the specified number of months.
ncrease in State Pension age from 67 to 68 under the Pensions Act 2007
Under the Pensions Act 2007 the State Pension age for men and women will increase from 67 to 68 between 2044 and 2046. The Government is not planning to revise the existing timetables for the equalisation of State Pension age to 65 or the rise in the State Pension age to 66 or 67. However the timetable for the increase in the State Pension age from 67 to 68 could change as a result of the regular 5 yearly review of SPA as set out in The Pensions Act 2014.
The current position of changes to SPA from 67 to 68 is as follows:
Why not talk to the professionals about properly managing your finances
Call us on 01273 457100 020 7871 5387 01403 333666
Or email us on info@opusgold.com
Or just take a look at how we help our clients www.opusgold.com