The State Pension age is set to start rising from 66 to 67 this month, with the increase due to be completed for all men and women across the UK by 2028

The State Pension age is set to begin increasing from 66 to 67 this month, with the transition due to be finalised for all men and women throughout the UK by 2028. The scheduled adjustment to the official retirement age has been enshrined in legislation since 2014, with a subsequent rise from 67 to 68 expected to take effect during the mid-2040s.

The Pensions Act 2014 brought forward the State Pension age increase from 66 to 67 by eight years. The UK Government also modified how the rise in State Pension age is phased, meaning rather than reaching State Pension age on a particular date, individuals born between March 6, 1961 and April 5, 1977 will become eligible for the New State Pension on their 67th birthday.

It’s crucial to be mindful of these alterations now, particularly if you have a retirement strategy in place. Everyone impacted by modifications to their State Pension age will receive correspondence from the Department for Work and Pensions (DWP) well beforehand. Under the Pensions Act 2007 the State Pension age for men and women will rise from 67 to 68 between 2044 and 2046.

The Pensions Act 2014 provides for a regular review of the State Pension age, at least once every five years. The review will be based around the idea people should be able to spend a certain proportion of their adult life drawing a State Pension. The UK Government has recently established a new Pension Commission to examine ways of increasing pension saving, with its conclusions set to be released in 2027. Key areas under consideration will encompass auto-enrolment saving rates, improving savings amongst groups such as the self-employed, and a review of the State Pension age, reports the Daily Record.

Dr Suzy Morrissey will report on factors the UK Government should consider relating to State Pension age and the Government Actuary’s Department will prepare a report on the proportion of adult life in retirement. The State Pension age review will factor in life expectancy alongside a variety of other relevant considerations when determining the appropriate State Pension age.

Once the review has concluded, the UK Government may opt to put forward amendments to the State Pension age. Nevertheless, any such proposals would need to pass through Parliament before being enshrined in law.

Your State Pension age is the earliest point at which you can begin claiming your State Pension, and may differ from the age at which you can access a workplace or personal pension. Anyone, regardless of age, can utilise the online tool at GOV.UK to check their State Pension age, which can prove invaluable when planning for retirement.