Last month we reported on the Government’s updated plans to speed up the state pension age increases to 65 and 66. These changes have now been passed into law.
Under these new changes:
- Men born before 6 December 1953 retain their SPA of 65
- Women born before 6 April 1950 retain their SPA of 60
- Women born on or after 6 April 1950 but before 6 December 1953 will have an SPA between 60 and 65
- Men and women born on or after 6 December 1953 but before 6 October 1954 will have an SPA between 65 and 66
- Men and women born on or after 6 October 1954 but before 6 April 1968 will have an SPA of 66
- Increases from 66 to 67 and then to 68 will affect men and women born on or after 6 April 1968
Furthermore, at the G20 summit in Cannes earlier this month, the Government committed to increasing state pension ages more quickly in future, linking them to life expectancies. The Cannes Action Plan For Growth And Jobs includes a commitment to “address long-term spending pressures and imbalances, such as managing future increases in the state pension age more systematically in response to changes in longevity.”
Click here to use our SPA Calculator, which has been updated with these changes
Should you require further information please do not hesitate to contact us or have a look at our Retirement Guide here
01737 225665 or advice@conceptfp.com
Source – The Pension Advisory Service
