State pension age increases to 66

The age at which people start to receive the state pension has increased to 66 for both men and women.

People born between 6 October 1954 and 5 April 1960 will start to receive their state pension on their 66th birthday.

For people born after those dates, there are scheduled to be phased increases in the state pension to 67 in 2028, and 68 in 2037.

The full new state pension is currently worth £175.20 per week and the full basic state pension, for those who retired before April 2016, is worth £134.25 per week.

Over the last ten years, the state pension has seen major changes, with the qualifying age for women rising from 60 in 2010 to equalise with men at 65 in 2018.

Steve Cameron, pensions director at Aegon, said:

“For many people, the state pension will make up a core part if not the majority of their retirement income and this is set to increase further in the future.

“Recent increases in the qualifying age have aimed to make the state pension more affordable as we live longer, this is why it's vital to plan ahead for the retirement you want."

Speak to us about retirement planning.

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