To not have realised that my pension age has gone up?

[IIdentifyAsInnocent]

I'm 45, 46 this year. Checked online 2 years ago and my state pension age was 67, which I thought was bad enough, for some reason checked again today and it's gone up to 68!!

I knew that the govt were thinking of doing this but I have no recollection of being told it had actually happened. This affects my work pension which I now can't take until 68 too as it aligns to state pension age.

Annoyingly, my brother who is 2 years older can still retire at 67!
Have I missed some huge public announcement?

I find that hard to believe. For people to have caring responsibilities for their parents in their 60s, their parents would be in their 80s at least, at a time when life expectancy was far lower than it is now.

Yeah that’s not it, it was because women were generally younger than their husbands and they could then retire with spouses benefits when the husband turned 65. Oh and nobody really wanted or valued women in the workplace back in 1940 or whatever.

And are people seriously arguing that women are generally in worse health than men and therefore shouldn’t work as long? Wtf?

In the late 1940's when state pensions were introduced the date was aligned to life expectancy. So retirement age was set to be identical to life expectancy.

The intention was that every parliament if the life expectancy went up so would the pension age. However successive govts realised how unpopular this would be and difficult to bring in so it became a political issue. those who set the pension age never meant for it to stay static because they realised when setting it up that if it did the country would run out of money.

and look where we are. the age has failed to go up regularly and now we face the prospect of an ageing population and fewer people working to keep them (22% of those between 16 and 65 are economically inactive meaning no tax paid yet still drawing from society in a variety of ways)

I am not for one minute suggesting the 81 is a reasonable pension age and that people should be working up until that time but neither is 67 or 68. It means on average you get 13 years worth of benefits.

Yep. They are!

I'm thinking of making some lifestyle changes in order to ensure the government pays me back what I've put in...

That attitude can really get results! I lost 6 years of my pension (classic WASPI woman here). I had breast cancer at 60 & then cancer of the womb a few years later (still no pension). I was determined to claim the bloody thing & I made it. 😀Now I'm trying to live long enough to make a profit on the one year's extra NI I had to pay to get a full state pension*.

Sadly I'll never recoup the c£30K the government stole with the second WASPI change. I'm willing to let them have the first £30K, & I hope you all enjoyed whatever they spent it on.

*Paid an extortionate rate for that year because I wasn't informed about some mysterious exemptions which I could've claimed & thus paid a much lower rate. I just missed the deadline for these things, whatever they were. Younger readers take note, in case it happens to you too.

No it wouldn't. Employers contribute to workplace pensions, it's free money!

NI credits for SAHPs started in 1976. I've just submitted a successful back claim for my mum who is on her 80's. HMRC are writing to individuals who may not have been given the credits but you can apply online if you think you might be due credits. Apparently state pension payments will be back dated and current state pension increased if due.

Well l can try and find the clip……

That is interesting @CatusFlatus. I’ve just checked, and it appears the missing credits only apply to SAHMs after 1978. I was working part time by then.

I don't doubt he said it. I just don't think he's right.

Sadly I'll never recoup the c£30K the government stole with the second WASPI change. I'm willing to let them have the first £30K, & I hope you all enjoyed whatever they spent it on.

Stole? The state pension is like a benefit. It’s not a scheme you pay into - you get whatever the rate is at the time when you retire. The government can change it at any time - both the rate and the age. They could also withdraw it altogether and there’s nothing the younger generation can do about that. It’s not money you bank for the future - it’s paid for by the people working at the moment. Lots of people don’t understand this and think they are owed money for paying NI. That’s not how it works.

As someone who worked all their life in the pensions industry I have to say that 68 is still too low. Really should be 71 or even 72.

Every working person should be in a pension scheme, especially if their employer contributes. The need to provide for older age should be explained clearly to younger people as they prepare to start work. I think my grandchildren, Gen Z, may not get a state pension unless they fall sick, become disabled or can’t work for some other reason.

Free money you can't access until you're almost 70…? I guess that's the con that gets most people.

I agree. But people still have this old-fashioned view that the state will look after them in their old age.

Gen Z's are currently in a great period of their life for compound growth and we should be telling them to invest whatever little they can each month so they can benefit from that growth. This is what will allow them to retire

Most pensions will let you access the money well before you’re 70. It’s really public sector schemes that don’t.

Which is the case for the poster I replied to, hence suggesting looking at other options for retirement.

I contribute to a workplace pension, I know the matching is good, but I can access this at 55. Totally different if they tie it to state pension age and this keeps creeping up.

The rules have changed and from 2028 it will be 10 years before the state pension, or 57, and rising.

The teachers pension is available from 57 (it used to be 55)

I was born in 1977 and it says 67 years, 7 months and 21 days.

My husband was born in 1978 and his says 68 years exactly.

I have NHS and the teachers pension. It is available from 10 years below the state pension age and moves with that. However at 7% reduction per year, taking it at 57 (current offering) 70% of it would be lost!

@Shareaway11 thankfully I was in the 1995 NHS scheme and took it at 57 with minimal loss.

It’s not really lost, though. Isn’t it worked out so you should get a similar amount over your lifetime (although of course no one has a crystal ball so won’t be exactly the same)