When will the State Pension age be increased to 68 years old?
THE STATE RETIREMENT AGE RAISED IN 2020, but when will it climb again?
For the past few years, the State Pension age has been under revision. According to the government’s projected timeline, the age would be raised to 68, which corresponds to life expectancy. The State Pension age was set to climb to 68 between 2044 and 2046 under present law, however this was altered following a more recent study.
Official forecasts predict that the State Pension will increase by a staggering 8%.
According to projections, incomes could increase by 8% starting in April 2022, costing the government £3 billion more than anticipated.
The UK’s increase in the State Pension is still less generous than much of Europe.
The Office for Budget Responsibility is the government’s official, but independent, forecaster, and it expected a 4.6 percent salary increase late last year and early this year.
Now, the OBR expects the increase to be larger, with the Bank of England predicting a hike of up to 8%.
The State Pension is a weekly payment made to persons who have reached the State Pension age.
The amount a person receives is determined on their NI contributions as well as the sort of private pension they have.
The new state pension is a benefit offered to persons who have paid into the National Insurance system for at least ten years.
You must be a male or a woman born on or after April 6, 1951, or on or after April 6, 1953, to be eligible.
The full new State Pension is £179.60 per week, however your actual amount is determined on your National Insurance record.
If you earn Additional State Pension or defer your State Pension, you may receive a higher amount.
Using the Government’s State Pension Forecast, you may acquire an estimate for your State Pension.
For both men and women, the present State Pension age is 66, which will rise to 67 in 2020.
You can use the Government’s State Pension age calculator to figure out when you’ll be eligible for a State Pension.
You can also use this tool to see if you’re eligible for Pension Credit and if you’re eligible for free bus travel.
Between 2026 and 2028, the State Pension will increase to 67.
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