State

Historically, the State Pension Age (SPA) has been 60 for women and 65 for men.  However, these are changing:

  • Between April 2010 and November 2018 women’s retirement ages are increasing to 65.  There will be an accelerated increase between April 2016 and November 2018.
  • Between December 2018 and April 2020 retirement ages for men and women are increasing to 66.
  • Between April 2034 and April 2036 retirement ages for men and women are increasing to 67.
  • Between April 2044 and April 2046 retirement ages for men and women are increasing to 68.

The details above incorporate changes announced in the government’s Spending Review on 20 October 2010.  It brings forward the rise to 66 from 2026 to 2020.  It is anticipated that the rises to 67 and 68 will also be bought forward.

The SPA is changing from 6 April 2010.  If you reach SPA on or after that date then you will get a pension under the new system.  The age you’re entitled to claim your pension is specific to your date of birth.  Find out your SPA and start planning your retirement.

When you reach SPA you have the following options:

  • you can stop working and claim your Pension
  • you can carry on working and claim your Pension as well
  • you can carry on working and delay claiming your Pension

If you delay claiming your State Pension, you may get extra when you do claim it.  If you continue to work after State Pension Age, you don’t have to pay National Insurance contributions.

When you do claim you can choose to get either extra State Pension for the rest of your life, or receive a one-off, taxable lump-sum payment (which will be equivalent to the Pension you put off claiming plus interest),

as well as your regular weekly pension entitlement.

Call now for a no-obligation chat on 01743 364377 or e-mail info@afpshrewsbury.co.uk

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