State pension delayed in Autumn Statement

Eight million people aged under 52 will have to work longer owing to moves to introduce a state pension age of 67 earlier than planned.State pension delayed in Autumn StatementUnder the current law, the state pension age was going to rise to 67 between 2034 and 2036, and then 68 between 2044 and 2046.

However, Chancellor George Osborne said this rise to 67 would start eight years earlier in April 2026.

He said this would secure a “long-term future” for state pensions.

Bringing in the pension age of 67 – which will take two years – would save the country nearly £60 billion at today’s prices between 2026-27 and 2035-36, he added.

This will, therefore, mean eight million people now aged between 42 and 51 will have to work up to a year longer and lose as much as one year’s state pension.

The current state pension is worth £102.15 a week for those who qualify through National Insurance contributions, and will rise by £5.30 next April.

For men born before 6 December 1953, the current state pension age is 65. For women, it has been increasing from 60 to 65 since April 2010. This affects women born on or after 6 April 1950.

Under recent legislation, the women’s state pension age will increase more quickly to 65 between April 2016 and November 2018.

Then from December 2018, the age for both men and women will start to increase to reach 66 in October 2020. This is six months later than was originally planned by the government.

The pension start changes now announced mean:

  • People born after 5 April 1960 and before 5 April 1961 – currently aged between 50 and 51 – will have a state pension age between 66 and 67
  • People born between 5 April 1961 and 5 April 1969 – currently aged 42 to 50 – will have a state pension age of 67
  • People born between 6 April 1969 and 5 April 1977 – now aged 34 to 42 – already have a state pension age of 67, so these proposals will not change this

If you are are worried about your pension and looking for an extra income– why don’t you either please click here now- or  just pick up the phone and give Andy a call on 01451 832 206 or Andy’s mobile 07747 035 208 for an informal chat about the opportunities available to you.

December 1, 2011 · Home Based Jobs · Comments Closed
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