Pension age changes explained

Maya Driver

For all of you who are under the age of 60 - bad luck, you're going to have to work more years than your elders. That's what the new rules concerning the age at which you get your state pension means. The reasons for increasing the pensionable age is that the average life expectancy is rising and also the average population is rising. These two factors combined mean that if nothing is done, there will be more pensioners than people paying National Insurance and therefore there will be no pension fund left for people to receive. If you will be relying on your company pension, read about defined contribution company pension schemes here. Check out some top pension related searches and then read on to find out how the pensions changes will affect you.

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So how many more years can you expect to wait for your state pension? If you are a man it stays the same - you receive your pension aged 65. For women the age will gradually increase from 60 to 65 between 2010 and 2020. Then we can expect to see the age increase from 65 to 68 for both men and women. This will take place between 2024 and 2046. So if you were born in 1960 you would have to wait until you're 66 years old before you receive your pension. And if you're born after 1980 you'll have to wait until you're 68.

These changes to the pension age suggest a future in which many of us will be working into our old age, investing in private pensions or finding other investment opportunities to support ourselves in retirement. Will you be affected by the change to the pension age? Does it worry you that you'll have to wait longer to receive your state pension of did you not think you would have to rely on it anyway? Leave a comment and share your thoughts.