State Pension payments are important to millions of people to provide them with a source of income in retirement. The payment is usually based on a person’s National Insurance contributions which they put forward throughout their lifetime. To receive any state pension at all, Britons usually need 10 qualifying years of National Insurance contributions.
Now, the age at which most people will now start to receive the state pension is now officially at 66.
This is following steady rises which have taken place within recent years.
However, this is not the end of changes the Government wishes to enact in this regard.
Individuals born after this, can expect a phased increase of the state pension age to 67.
Individuals born on or before April 5, 1970 should expect no change to the way their state pension age is currently set.
However, for those born between April 6, 1970 and April 5, 1978, changes can be expected.
These people currently have a state pension age of 67, but this will increase to anywhere between 67 years and one month, and 68 years.
This, of course, is dependent on a person’s date of birth and where it falls in the year.
Similarly, those who are born after April 6, 1978 will not have any changes to their state pension age, and these individuals can expect to be entitled to receive their state pension at 68.
For those who are confused about what their state pension age will be, the Government has developed an online tool.
The tool can be used to check when a person will reach state pension age under current guidelines, when they could get Pension Credit, and also free bus travel.
By entering one’s date of birth, individuals will be provided with the date at which they will be able to unlock the state pension.
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