UK state pension age rise for November 1960 birthdays, Digi Mart USA News (United Kingdom): The Department for Work and Pensions has confirmed a state pension age rise in November for people with certain birthdays. People with 6 November 1960 to 5 December 1960 birthdays are the latest cohort affected by the state pension age rise timetable set out by the DWP.
The Pensions Act 2014 brought forward the increase in the State Pension age from 66 to 67 by eight years. The State Pension age for men and women will now increase to 67 between 2026 and 2028.
The Government also changed the way the increase is phased, so that rather than reaching State Pension age on a specific date, people born between 6 April 1960 and 5 March 1961 will reach their State Pension age at 66 years and a specified number of months.
Under the DWP timetable, state pensioners born between 6 November 1960 and 5 December 1960 will have to wait until age 66 years and 7 months before claiming. In better news for pensioners, state pension payments are due to rise by 3.9 per cent in April owing to the triple lock.
The government has announced that the existing triple lock will remain until April 2030 before moving to a new system. Under the plans, the State Pension will still rise by at least inflation or 2.5% each year, with an additional safeguard designed to maintain its value against average earnings over time.
Fiona Turner, at law firm Weightmans, says: “The triple lock debate shouldn’t lead anyone to assume that the State Pension will automatically fill a gap left by giving up other pension rights during a divorce.” She added: “The State Pension may form an important part of somebody’s retirement income, but it is only one part of the picture.”
Turner also said: “You need to look at what retirement income you are likely to have after your divorce rather than relying on what future governments could do with the State Pension. This announcement makes it clear that reform is on the cards in the coming years.”
