State pension age: When will the next increase occur? Take note of this date
State pension age has just increased for some members of the population. On 6 March, anyone born between 6 June 1954 and 5 July 1954 had their state pension age raised from 65 to 66. The government has plans to increase state pension age in increments until October 2020.
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There is now a few months until the next state pension age change occurs.
The next change will happen on 6 May 2020 and just like the last one, it will only affect people born on certain dates.
Anyone born between 6 July 1954 and 5 August 1954 will see their state pension age rise from 65 to 66.
Beyond may, there are only two more changes in place before the blanket level is introduced towards the end of the year.
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There are, and have been, many changes made to state pension ages, which means some people may feel confused about where they stand.
Fortunately, the government has a tool in place to help people check on when they will be entitled to payments.
Anyone can check on their personal state pension age using a free calculator on the government’s website.
To start with, this tool will ask for the user’s date of birth.
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It will then ask if the user is a man or woman.
This will be the final piece of information it needs and the next page will provide an exact date for when the user will reach state pension age.
Interestingly, the page highlights that the state pension age is under review and it may change in the future.
This tool will likely need to be used frequently to keep on top of any changes the government makes.
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There is also a tool for checking on how much a person may receive in state pension income.
Most people will receive what is known as the “new” state pension.
The actual amount received will depend on a person’s national insurance history.
To receive any state pension income, a person will need to have at least 10 years of contributions.
A person will only receive the “full” amount if they have a minimum of 35 years of national insurance contributions.
This will be £168.60 per week. However, this amount will increase in April as a result of the triple lock system.
The triple lock system ensures that state pension will increase by whatever the largest is of the inflation rate, 2.5 percent or average earnings growth.
For the coming tax year, state pensions will rise by 3.9 percent, which was the average earnings rate over the previous year. This means that the new full amount will be £175.17
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