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?

Not really big. It compensates for the fact you take them for so many more years.

Not in teaching. My state pension age is 67 and I took my teacher pension at 55. The extra years are worth the reduction. It means a bit of supply (like a day a week) brings me up to a reasonable salary and when the state pension kicks in I can stop that too. Probably before, using the lump sum to finance ’extras’.

Ive started being very, very careful about splitting my saving betweem a pension, & other savings. I hadn't realised until recently that the government can actually raise the age you can access even a private pension and was horrified at the prospect of being trapped working as i approached 70, unable to access my own savings.

Im also assuming they will means test away my eligibility for state pension. I think they'll do something like allow inflation to erode contribution based state pension, but protect those without private provision by upping pension credit, until the main state pension is worth sod all and any with a decent private pension won't get any pension credit.

🤣🤣🤣 At my work, even that would probably be denied!! 🤣

I'm older than you and I retire when I'm 67 years 6 months and 8 days old.

The calculator also says that this may increase up to a year following the review of the state pension age

How can I be older than you but have a retirement age that is younger?

If you’re saving into one though then a lot of private pensions you can take from 55. Mine is from 55. It’s the state one that’s getting pushed back. Do what you can into a private one and look at the state one as a bonus.

I have recently retired, won't get my state pension for a few years but am drawing a reduced workplace pension. I have sympathies for all of us who are facing ever declining and retreating pensions but understand the country cannot afford to pay an ageing population for years off work. My own mother is in her 90s so has had 30+yrs of pension, whereas father died after only 7 years.

I read this recently and was astounded so thought I would share it.

When the state pension began it was paid from the age of 70, at a time when only 5% of the population reached that age, I think average life expectancy was in the 50s.

The maximum payment was five shillings (25p) for a single man or woman, the equivalent of approximately £30 a week now.
It was means-tested and you were only eligible for the new payment if your income was less than 12 shillings a week (approx. £72 now)
The pension could be reduced if you had too much furniture and might be refused if you had been sent to prison in the previous ten years, were habitually drunk, had never worked when able to do so, or were of bad character.

Move into her house it won't be sold then, or rent it out to pay the fees.

I feel exactly the same. Unlikely I'll see much of the pension I'm contributing to. It's the government's plan.

Pretty much what I anticipate.

And yes doing similar on the savings front.

The age you can access private pensions will rise from 55 to 57 from 6 April 2028.

https://www.standardlife.co.uk/articles/article-page/can-i-take-pension-at-55-still-work-save#:~:text=1.,change%20again%20in%20the%20future.

I don't think it's changed from 67 to 68, it's always been 68 since it changed from 65. I'm 46 in June and I've been playing extra pension to "buy out" the extra 3 years I'll have to work, and that's been at least couple of years I've been doing that. I think you must have been mistaken about the 67 - I'm a proper geek and research everything and 67 has never ever been on my radar.

Bastards! I’m late 1978 too. That’s so annoying!

State Pension age timetable - GOV.UK (www.gov.uk)

It was the Pensions Act 2007 that set out the dates for the increase from 67 to 68

There has been talk of taking it one or two years higher than that, but it's not been carried out yet

"In the Autumn Statement on 5 December 2013, the Chancellor announced that this government believes that future generations should spend up to a third of their adult life in retirement. This principle implies that State Pension age should rise to 68 by the mid-2030s, and 69 by the late 2040s"

Despite that statement, the Tories haven't done so. All the changes were from earlier

Mine is age 67. It says on my forecast that this may change by an extra year under gov legislation but at the moment it’s still got me age 67.

I have just taken my NHS pension at 55 I was in the scheme where normal pension age was 60 ie 1995 scheme and some in the later scheme 2008 but due to Mcleod ruling I could take all as if it was normal age of 60 ( ie 1995 scheme) for retiring therefrore I took it 5 years early the annual reduction is about 19% less than if I had waitied until 60 my DH gets full state pension in 2 years we both work part time in our own small business just the hours we want to

when you can take your pension depends on the normal pension age when you started so although SPA is 67 is your normal pension age when you started was 65 you can take it at 55, it sort of depends how old and close to retirement you are whther SPA changes

this is a link for teachers https://www.wesleyan.co.uk/pensions-and-retirement/teachers-pension/retiring-early

I think I would rather be in prison at 68. No worries about money, heating costs, bills, rent and you get 3 meals a day.

@penjil will we just not pay council tax for a bit to get our place?! 😁

I think the plan is probably work us as hard as possible, for as long as possible, to make money for the rich (and a bit for state services), then hope that we drop dead soon after we retire so we won’t cost too much in state pension and care costs. Lucky us!

Ah sorry, my reply didn't explain enough....I mean with me being 46 after April, same as the OP. For our age/tax year it's always been 68.

We’ll be like the Japanese ageing population, shoplifting so we get a prison sentence so we get a warm bed and three meals a day.

https://www3.nhk.or.jp/nhkworld/en/news/backstories/761/

Best way to stop it going up is to have LOTS more kids!

They’re actually talking about changing the rules so you can only take your private pension from 10 years before state pension age but I am not sure when that will be implemented (it’s been talked about for ages). It’s definitely going up to 57 in 2028.

I did know my state pension age was 68, though. It’s been that since the age was first increased - was never 67, and I’m the same age as the OP.

It’s 57 now for private pensions

You were lucky. It’s changing & I won’t be able to take mine until 57. The TPS website states “The minimum pension age is changing from 6 April 2028, when it will rise from age 55 to 57*.”