Retirement UK: Learning About Retirement In England


What Is The Current Retirement Age In UK

The state retirement age in the UK is in the rising path. And the speed of it is a way to faster. For a longer time, the retirement age in the UK claims pension benefits were 60 and 65 for women and men respectively. But the super jump in life expectancy shows that for the Treasury, the costs have shot up. Treasury is seeing that they have to pay way more years as part of the retirement then they paid National Insurance as employees.

What Is The Current Retirement Age In UK
What Is The Current Retirement Age In UK

Current Retirement Age In UK

Now the qualifying age of women for state pension has already reached 65 with the exact month and date of your birth. Currently, both men’s and women’s retirement age in the UK is going to increase to 66. As speculation going, it will rise to 67 between 2026 and 2028.

The probable next rise will take place between 2037 and 2039 after the recommendation of John Cridland has been accepted. The changes in the state pension age are targeted to bring both men and women’s retirement age in the UK into a straight line. Also, take it into account that everyone is living longer.

What Is The Current Retirement Age In UK
What Is The Current Retirement Age In UK

When Will You Get State Pension?

Your exact pension date will be based on the year and month of your birth. According to estimation, the pension age is likely to increase from 67 to 68 between 2044 and 2046. It applies under the existing law.

Controversy Over State Pension Age Increase For Women

Many women who were born during the 1950s have faced financial hardship as they have waited longer to draw the state pension. During 1995, a draft of equalizing the state pension age for both the gender was first introduced. Conservative Government informed their intention of raising the pension of the age of women to 65 gradually between 2010 and 2020. In the Labour announcement, it was stated that the retirement age will be 66 for men and women both, between 2024-2026.

But Chancellor George Osborne announced that both the changes would take place in 2018 and 2020 respectively. Such quick succession hit hard the women as the increases are taking place almost back to back. Firstly it included a maximum of 2 year’s cap waiting for a state pension. But various protests made it, a year and half old cap. Almost 2.7 million women got only 5 years’ notice about the extension to their retirement age.

WASPI campaign agrees with the equalization of men’s and women’s ages for the pension. However, it disagrees to the unfair means of bringing the changes. WASPI is fighting to cushion women from the financial blow.

What Is The Current Retirement Age In UK
What Is The Current Retirement Age In UK

Who To Get State Pension

Not everyone in the UK is entitled to get a state pension. There is an eligibility criterion that one needs to have. Not only you have to have the required age, but you must also have made contributions to National Insurance during your working years.

Until April of 2016, workers had to get qualification for 30 years of National Insurance contributions to get the basic complete state pension. But after, all those who are retiring must have contribution years of 35 to get the basic state pension.

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