The state pension age has been on the rise in recent years. The changes initially saw the state pension age for women rise form 60 to 65 earlier this year. However, the increases haven’t stopped there. Now, the state pension age is rising for both men and women from 65 to 66 – for those who are born from December 6, 1953.
This particular new process will see the first rise for men, whose state pension age was previously 65.
So, with the new rules taking effect, what does it mean for Britons looking to retire?
At the moment, the state pension age for men and women born from December 6, 1953 is rising to 66.
This means that there will be a gradual rise in state pension age for both men and women form 65 to 66 as of now – right up until October 6 2020.
Anyone who is born between December 6 1953 and January 6 1954 will have to wait until March 6 next year in order to claim their state pension.
So depending on exactly when they were born, this means that those eligible will only be able to put in a claim several months after their 65th birthday.
State pension age can be confusing, so visit the online calculator on the government website for more information.
These increments take place every few months, so it can be worth taking the time to calculate your own state pension age – based on your date of birth – using the government’s tool.
What’s more, once the state pension age reaches 66, it’s set to change again, as there will continue to be a gradual increase to 67.
This is expected to begin taking place in 2026.
So, if you are eligible to claim a state pension, what day can you expect for it to be paid?
In actual fact, the day depends on one factor – your National Insurance number.
The final two digits of this code will affect when the government pay your state pension.
For instance, if your National Insurance number has a final two digits which are between 00 and 19, your payment should be made on a Monday.
If the numbers are within 20 and 39, this would be on a Tuesday.
This pattern follows right up until the end of the working week, with those with digits between 80 and 99 getting their state pension paid on a Friday.