While many of us have visions of retiring early and jetting abroad to spend the rest of our days on a private island (just me?), it’s likely that the vast majority of us won’t really be able to, particularly if we’re only relying on the state-funded pension or have high living costs. Not only that, but the age at which people can start receiving their state pension is rising, with more changes in the coming years. It’s perhaps for this reason that many, particularly young people, are unaware of what the actual age is.
The Times reported that only 13 per cent of Gen Z folks (i.e. people between the ages of 18 to 28) recently surveyed knew the correct answer when asked what the state pension age in the UK is. The publication also states that Standard Life found in their research that only half of the people they surveyed thought a state pension would still exist by the time they reached retirement age. Pensions come with many complicated rules and differing threads, but these are basic facts to know.
What is the current state pension age in the UK, and is it changing?
As it currently stands, the new state pension (after 2016) states that the age UK residents who have at least ten years of national insurance contributions can start claiming their state pension at 66.
© Getty ImagesAge UK states: “The full rate of the new State Pension is £230.25 per week in the 2025-26 financial year (between April and April) but you may get more or less, depending on your National Insurance (NI) record.”
The best way to work out when exactly to apply and how much you will get, head to the pension calculator on the GOV.UK website.
How to check your state pension forecast
- Go to the GOV.UK and head to Check your State Pension forecast page
- You will need your Government Gateway ID to log in
- The forecast will show you how much you are on track to receive, when you can claim it and how you could increase it
On whether the state pension age is changing, the answer is yes. The retirement age rose from 65 to 66 in 2020, and it will start increasing to 67 from 6 May 2026 until 2028. From then on, it’s expected to go up to 68 by the year 2046.
The increase in state pensions and what it means
The state pension is expected to rise by 4.8 per cent from 6 April next year in the ‘triple lock’ boost. This increase will see the full new state pension rise to roughly £12,900, bringing it above earlier forecasts and even closer to the frozen £12,570 personal allowance. While this rise offers a welcome boost for retirees, finance experts warn that more pensioners could soon be paying income tax for the first time.
Derence Lee, Chief Finance Officer at Shepherds Friendly, explains: “Due to the extremely high levels of inflation the UK has experienced since 2020, state pensions have been increasing at a rate that some experts believe to be unsustainable in the long term.
© Getty Images“With pensions expected to surpass the frozen tax-free allowance limit next year, which will remain unchanged by the government until 2028, more retirees will be pushed into the tax-paying bracket. As a result, pensioners should begin to take into account that they may soon need to pay income tax on their pensions should no changes are made to the current status quo.”
He adds: “For those looking to retire in the near future, they should consider how their income can be built up by saving into a tax-free ISA, growing their savings through investments where possible, and utilising workplace pension schemes to secure their future income during retirement. Due to the increasingly ageing population and the context of economic uncertainty, it can be hard to predict what the future of the triple lock will look like, so it’s always best to have a financial back-up plan in place where possible.”
Why does the pension age increase?
The age increase is largely due to people in the UK living much longer, and therefore, the state needs to have the infrastructure to support future generations; therefore, people need to work longer to pay into the state pension pot before claiming it.
The Office for National Statistics’ recent data show that the total population of people in the UK aged 90 and older has jumped by more than half in the last two decades. Some experts predict that the retirement age in the UK could reach 70 in the future.
© Getty ImagesWhat if you continue working after state pension age?
If you continue working past the retirement age, then you can still claim despite being employed. You can also claim your private pension (i.e. a workplace pension) if you’ve reached the age agreed by your pension provider.
Be mindful that you may reduce how much you get from a workplace pension if you reduce your hours, and you could also still pay tax on it, depending on how much you receive. You can also defer receiving your state pension.
© Getty ImagesHow to check your state pension forecast
Go to the GOV.UK “Check your State Pension forecast” page. You will need your Government Gateway ID to log in. The forecast will show you how much you are on track to receive, when you can claim it and how you could increase it.
Is it possible to retire early?
It’s another grey area, but you can usually request to start taking from your private pension pot in order to retire early after the age of 55, like with a lot of question marks over private pensions, it will depend on your provider.
GOV.UK states that you may be able to take about money before you turn 55 under certain circumstances, such as retiring early due to ill health or “if you had the right under the scheme you joined before 6 April 2006 to take your pension before you’re 55 – ask your pension provider if you’re not sure.”
© Getty ImagesThe other unique circumstance in which you could be eligible to take money from your pension earlier than state pension age is if you are under the age of 75 and your life expectancy is less than a year because of serious illness.
GOV.UK adds: “You’ll pay Income Tax on some or all of the lump sum if: you’re over 75 or it goes above your lump sum and death benefit allowance. Check with your pension provider. Some pension funds will keep at least 50 per cent of your pension pot for your spouse or civil partner.”
The information in this article is for general informational purposes only and does not constitute financial advice. You should speak with a qualified financial advisor before making any decisions about your pension.
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