Rise in State pension age- what could this mean for you?

  • Author: David Crosby
  • Posted on: 20th November 2017
  • Posted in: Blog

Last month on the 19th July it was announced that the UK State pension age rise to 68 is proposed to be phased in earlier than was previously expected. This change would affect those born between 6th April 1970 and 5th April 1978 and for anyone born outside of these dates, they will have to wait for future announcements to be made to find out what their pension age will be.

The Department for Work and Pensions have suggested the changes would be "to maintain fairness between generations in line with continuing increase in life expectancy." 

The proposed changes whilst not yet voted into law, raise many concerns for tax payers about how they will fund their future retirement. It brings to the forefront a requirement for careful financial planning, as any rise in State pension age could create financial hardship for those who are not adequately prepared.

A recent article in the BBC News highlights in more detail the current proposed changes and how they could affect UK tax payers. There is also a helpful online pensions calculator so you can find out how much State pension you could get, when you could get it and how to increase it (if applicable).

If you have any concerns regarding your future financial provisions then we can help. We work with a number of experienced and trusted, financial advisors in the local area. For advice and information please get in touch on 01273 734 600 or email info@crosbywoods.co.uk.