The state pension age in the United Kingdom is poised to change once more.
This is the youngest age at which a person can begin receiving the state pension, which is a regular payment issued by the government based on the number of “qualifying years” of National Insurance contributions a person has.
The current state pension age is 66, and it takes around 35 qualifying years to receive the full new state pension of £203.85 per week. However, another assessment is planned within the next two years to determine when it would be raised to 68.
How to check your state pension forecast
People can find out the earliest age they can claim the state pension by using a helpful tool on the Government website. The tool can help people check a number of key things, such as:
- When they’ll reach state pension age
- The Pension Credit qualifying age
- When they’ll be eligible for free bus travel.
To use the service, people will need to prove their identity using Government Gateway. People can register for Government Gateway if they have not used it before.
Britons eligible for the full basic state pension earn £156.20 per week, and it normally takes roughly 30 qualifying years to receive it.
Following a study this year, the state pension age for men and women will be raised to 67 between 2026 and 2028.
The programme also indicates when a person would be eligible to collect Pension Credit, a tax-free payment provided by the Department for Work and Pensions (DWP) to low-income retirees.
Pension Credit is distinct from the state pension, and a person can get it even if they have other sources of income, savings, or own their home.
Estimated state pension rate in 2024
In November’s Autumn Statement, Chancellor Jeremy Hunt will clarify whether the state pension triple lock would be honoured in the coming fiscal year.
In order to comply with the triple lock, the highest percentage of three separate values (inflation, wage growth, and 2.5 percent) is utilised to decide how much the state pension will increase. This is to help ensure that the state pension does not lose “real” value.
If fulfilled, state pensioners would receive a boost equal to the wage growth rate in September 2023, as this was the highest value of the indicator this year.
Based on these calculations, individuals would receive £219.75 per week with the 7.8 percent figure, while with the 8.5 percent figure, the amount would be £221.20.
The state pension annual uprating will be announced during the Chancellor’s Autumn Statement on November 22, 2023.