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State pension ages have been a touchy subject over the last few years as some groups have been unhappy with recent changes. One clear example of this comes from the “Women Against State Pension Inequality” group, or WASPI for short.
This group campaigns against the way in which state pension ages have been altered in recent years. The state pension age for women born between 1950 and 1955 was due to be raised from 60 to 65 so that men and women could receive it at the same time.
However, backlash quickly arose as this was meant to happen gradually over 10 years from 2010 but the government sped up the process in 2011, catching many women within this age group off-guard.
Ever since this occurred, the WASPI campaign has been challenging the government on the decision.
The government have addressed this many times, with costs to the taxpayer being the main reason given.
READ MORE: State pension: When is it taxed?
People who are on track to retire beyond 2028 will likely want to pay attention to this report when it comes out.As the government detailed in the last report, they did not re-examine the existing timetable for increases up to April 2028.
The next increase in state pension age according to this timetable concerns both men and women born between 6 June 1954 and 5 July 1954.For these people the state pension date will be increasing from 65 to 66 and they will reach state pension age specifically on 6 March 2020.
It can be confusing for people to work out when they’ll reach state pension age with all these dates and changes to rules. Thankfully, the government provide assistance in this area with a state pension age calculator.
From the get go, the tool details that state pension is usually received at a different time than personal or workplace pensions.On top of this, the tool highlights once again that state pension age is worked out based on gender and date of birth.
The calculator is easy to use as it utilised a drop down option system. The first question simply asks for the users age. It will then ask for the users gender and this is the final part of the two step process.
The next screen details the earlier date that state pension can be received, along with what the users age will be at that date.
Interestingly, this page highlights that state pension age is under review which is repeated throughout the process. It appears that the government wants to make people as aware as possible about the possible changes that could happen.
On top of this tool, the government provides calculators for helping people work out if they can retire early with their personal pensions as well as services dedicated to increasing state pension amounts.