State Pension

The basic State Pension is £115.95 a week (£6,029 a year) and the government will announce this autumn the rate of the full new State Pension which “will be no less than £151.25 per week” (£7,865) to replace the State Pension, State Second Pension, SERPS, contracting- out and other arrangements.

The age of eligibility for State Pension has been rising, and is expected to rise further. It will be 65 for both men and women by 2018 (i.e. for those born in 1953) and will increase for both men and women to 66 in October 2020. It is currently planned to rise to 67 for those born in or after August 1961 and to 68 for those born in or after August 1978.

Bearing in mind the rise to 66 has already been brought forward six years, and to 68 by eight years, it is likely further dates may also be brought forward even further. This suggests that any increase to 69 or even 70 could occur by the middle of this century for those born in the 1980s and already established in work.