State Pension age: When will I receive my State Pension in 2020/2021?

UK State Pension age is on track to change several times soon following policies introduced by the Government in 2010. People expecting to retire in coming years may find they have to wait another year more than those on the cusp of it now.

When will you receive State Pension in 2020/21?

State Pension age is a Government-controlled policy which sometimes changes.

New policy means the traditional retirement age of 65 ceased to exist on December 6, 2018.

Now, when people can retire depends on when they were born.

READ MORE

  • State Pension UK: How to claim, payment dates & amount claimants get

State Pension age will not change for people born on or before April 5, 1970.

They can still retire at their original retirement age of 65.

Those born between April 6, 1970, and April 5, 1978, can expect to retire two years later at the age of 67.

The Government states their entitled retirement age “would increase to between 67 years and 1 month, and 68 years, depending on your date of birth”.

Those born after April 5, 1978, can expect to retire aged 68.

The three-year increase was originally due between 2044 and 2046, but the Government recently brought the timetable forward.

By their schedule, the State Pension age will rise to 66 by October 2020.

The age will rise once again to 67 between 2026 and 2028.

DON’T MISS
Be wary of greedy rogue pension advisers, watchdogs warn – ANALYSIS
Pension expert advises savers to act now – ‘don’t be complacent!’ – INSIGHT
State Pension: At what age do I qualify for State Pension? – EXPLAINER

READ MORE

  • State pension age? How to check whether you can get extra payments

Further plans would see state pension age increased to 68 between 2037 and 2039.

However, officials have stressed those affected by the changes will spend “longer in receipt of the State Pension than anyone reaching State Pension age in the last 25 years”.

David Gauke, who was Secretary of State for Work and Pensions when the changes came into force during 2017, said the decision came due to a rise in life expectancy.

He said: “I want Britain to be the best country in the world in which to grow old, where everyone enjoys the dignity and security they deserve in retirement.”

“Since 1948 the State Pension has been an important part of society, providing financial security to all in later life.

“As life expectancy continues to rise and the number of people in receipt of State Pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations.

“Combined with our pension reforms that are helping more people than ever save into a private pension and reducing pensioner poverty to a near-record low, these changes will give people the certainty they need to plan ahead for retirement.”

As of 2017, 65-year-olds could expect to live another 22.8 years, amounting to 33.6 percent of their adult life, and the number of retirement-age people is expected to increase by four million over the next 20 years.

Source: Read Full Article