This guide is for financial advisers only. It mustn’t be distributed to, or relied on by, customers. It is based on our understanding of legislation as at May 2023.
With people tending to live longer and spending a larger proportion of their life in retirement than in the past, it’s no surprise that there are increases planned to both the State Pension age and the minimum pension age for private pensions in the coming years. It’s worth knowing what these changes are to help with such things as pension scheme administration and communications, retirement planning and the ongoing review of income requirements during retirement. This article looks at the changes to the State Pension age. A separate section of this guide looks at the increase in the minimum pension age for private pensions.
State Pension age
From 6 October 2020, the State Pension age became 66 for men and women in the UK.
A further increase to age 67 is due to take place between 2026 and 2028. This will be phased in as detailed in the following table (which also appears on the gov.uk website):
Date of birth |
Pension date reached |
State Pension age |
|---|---|---|
6 April 1960 to 5 May 1960 |
6 May 2026 to 5 June 2026 |
66 years 1 month |
6 May 1960 to 5 June 1960 |
6 July 2026 to 5 August 2026 |
66 years 2 months |
6 June 1960 to 5 July 1960 |
6 September 2026 to 5 October 2026 |
66 years 3 months |
6 July 1960 to 5 August 1960 |
6 November 2026 to 5 December 2026 |
66 years 4 months |
6 August 1960 to 5 September 1960 |
6 January 2027 to 5 February 2027 |
66 years 5 months |
6 September 1960 to 5 October 1960 |
6 March 2027 to 5 April 2027 |
66 years 6 months |
6 October 1960 to 5 November 1960 |
6 May 2027 to 5 June 2027 |
66 years 7 months |
6 November 1960 to 5 December 1960 |
6 July 2027 to 5 August 2027 |
66 years 8 months |
6 December 1960 to 5 January 1961 |
6 September 2027 to 5 October 2027 |
66 years 9 months |
6 January 1961 to 5 February 1961 |
6 November 2027 to 5 December 2027 |
66 years 10 months |
6 February 1961 to 5 March 1961 |
6 January 2028 to 5 February 2028 |
66 years 11 months |
6 March 1961 to 5 April 1961 |
6 March 2028 to 5 April 2028 |
67 |
6 April 1961 to 5 April 1977 |
|
67 |
The government has also stated an intention to phase in an increase to the State Pension age to 68 in a similar way. This was originally expected to take place between 2044 and 2046 although a review in 2017 suggested that this change should be brought forward to between 2037 and 2039.
The DWP launched the next review of the State Pension age in December 2021, which will consider the latest life expectancy data including evidence on healthy life expectancy disparities across the UK. The report must be published by 7 May 2023. Alongside this, the DWP have commissioned two additional independent reports, the aim of which is to inform the review. The first will focus on latest life expectancy projections from the Government Actuary, while the second will consider the metrics used for analysis when setting the pension age. It’s expected that the timing of the planned increase in the state pension age to 68 will be based on this review and the evidence supplied by the two independent reports.
It’s possible for someone to check their State Pension age online and to obtain a forecast of their State Pension entitlement.