Money
Pensions
UK pension plans - how old will you have to be to qualify?
Between 2010 and 2020 the state pension age for women will slowly rise from 60 to 65. That change - which was announced more than 10 years ago - will affect any woman born on April 6, 1950 or after. Women born on April 6, 1955 or later will get their pension at 65
The Government now proposes to raise the pension age further - eventually to 68. That change will be in three phases and affect everyone born on April 6, 1959 or later.
Pension age will start rising on April 6, 2024 and someone born on April 6, 1960 will have to wait until they are 66 for their pension.
The next rise will affect people born on April 6, 1968 or later.
The final rise starts in 2044 and anyone born on April 6, 1978 or later will reach state pension age at 68.
The Government says these increases simply reflect changes in life expectancy and men will still have on average around 21 years of life after they hit pension age and women around 24 years.
The savings from raising state pension age - around £30 billion a year from 2050 - will go towards the cost of two big changes to the state pension. Firstly, it will be easier to qualify for a pension, which will help hundreds of thousands of women.
But that change will only apply to women born from April 6, 1950 or later (who will actually reach pension age on or after May 6, 2010) and men born from April 6, 1945. Anyone born before these dates will not benefit.
Secondly, the pension will once more be linked to average earnings rather than the rise in prices.
Written by Paul Lewis
