The upcoming increase in the state pension age to 67 starting next year will require some individuals to wait a bit longer before they can begin claiming their pension benefits. Currently set at 66 for both genders, the state pension age will gradually rise to 67. This means that individuals born between specific dates will have to wait a few additional months after turning 66 to become eligible for their state pension.

For instance, individuals born between April 6, 1960, and May 5, 1960, will reach state pension age at 66 years and one month. On the other hand, those born between September 6, 1960, and October 5, 1960, will need to wait until they are 66 years and six months old to commence their state pension claims. This incremental increase will continue until April 2028 when the state pension age officially becomes 67.

Future generations born after this transition period will have a state pension age of at least 67. Further adjustments are planned, with the state pension age projected to rise to 68 between 2044 and 2046, affecting individuals born on or after April 5, 1977. While there have been discussions about advancing the increase to age 68, a decision on this matter has been postponed. It is important to note that the state pension age denotes the earliest point at which one can start receiving state pension benefits.

This age threshold is distinct from any workplace or private pension schemes individuals may have. The minimum age to access private pensions currently stands at 55 but is set to increase to 57 starting in April 2028. Individuals retiring presently will be eligible for the new state pension, amounting to £221.20 weekly for those meeting the full eligibility criteria. Generally, individuals need 35 qualifying years on their National Insurance record to receive the maximum state pension amount. Additionally, the state pension undergoes annual increments in accordance with the triple lock pledge.