State pension triple lock ‘will be broken’ says Liam Halligan
When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.
The State Pension age has been under review for the past few years. Under the Government’s proposed timetable, the age will rise to 68 which is in line with life expectancy. Under the current law, the State Pension age was due to rise to 68 between 2044 and 2046, but this has changed following a more recent review.
State Pension could rise by a massive eight percent according to official forecasters.
Predictions suggest the increase could mean earnings grow by eight percent from April 2022 which would cost the Government £3bn more than previously expected.
The rise in the State Pension level in the UK remains less generous than much of Europe.
The Office for Budget Responsibility is the Government’s official, but independent, forecaster and late last year, and early this year, it predicted wages would rise by 4.6 percent.
Now, the OBR is expecting the increase to be higher, with the Bank of England suggesting the increase could hit eight percent.
State Pension is the weekly payment given to those who are over a certain age known as State Pension age.
The amount a person receives is dependent upon one’s National Insurance contributions and the type of private pension they hold.
The new state Pension is a payment available to those with at least 10 years National Insurance contributions.
To claim it you must be a man born on or after April 6, 1951, or a woman born on or after April 6, 1953.
The full new State Pension amount is £179.60 per week – but the actual amount you receive is dependent on your National Insurance record.
You may receive a higher amount if you receive Additional State Pension or if you defer taking your State Pension.
You can get an estimate for your State Pension using the Government’s State Pension forecast here.
Retirees served warning as downsizers free up ‘surprisingly low’ sums [INSIGHT]
State pension: Britons say free NHS prescription age should not rise [EXPLAINER]
Outrage as pensioner, 95, misses out on £80,000 in state pension sum [ANALYSIS]
What is the current State Pension age?
The current State Pension age is 66 for both men and women – having increased to this level in 2020.
To find out when you will qualify for State Pension, you can use the Government’s State Pension age calculator here.
You can also use this tool to check your Pension Credit qualifying age and when you are eligible for free bus travel.
When will State Pension rise?
State Pension is due to rise to 67 between 2026 and 2028.
The age at which you are eligible for the State Pension could rise again to 68 between 2037 and 2039.
However, this timetable has not yet been confirmed.
Source: Read Full Article