State pension age changes explained: Britons to face longer wait for their state pension

Future retirees are set to be made to wait longer to get their state pension due to scheduled increases to the state pension age. The changes could impact many people’s retirement plans.

What is the state pension age?

The state pension age is the earliest point at which people in the UK can start receiving their state pension.

This is set by the Government and goes under regular review.

The threshold has a significant impact on when many people can retire, as often they rely on the state pension to be the foundation of their retirement.

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The state pension age for men was previously 65, while for women it was 60.

The Government then decided to equalise the state pension age, bringing the women’s threshold up to 65 in line with men.

Both men and women then made the jump to 66.

However, further increases to the state pension age are coming in the future.

How much is the state pension?

The full new state pension is worth £179.60 as of today, providing recipients with a yearly total of £9,339.20.

However, the state pension increases every year by at least 2.5 percent under the terms of the triple lock policy.

It can rise by a larger percentage if the rate of inflation or average earnings growth are higher.

From April 2022, the full new state pension will increase by 3.1 percent, taking it to £185.15 per week.

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