Money, Retirement, Wealth

New Year’s resolution? Get to know your pension age(s)

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Did you know that the phased increases to State Pension age (SPA) reached 66 for both men and women in October 2020 and it’s set to rise further? The minimum age for taking funds from a personal pension is also set to rise in 2028. Getting to know your pension ages, and what you can expect to receive, is vital in creating your retirement plan.

Your State Pension – age 66, 67 or older?

To find out your State Pension age, visit the government website www.gov.uk/statepension-age. The State Pension is paid to anyone who has made at least ten years’ worth of National Insurance contributions during their working lifetime. The maximum payment is currently £175.20 a week (£9,110.40 a year), but how much you get depends on how many years you contributed for Some people who have accrued Additional State Pension may get more than this ‘maximum’. To check your State Pension forecast, go to www.gov.uk/check-state-pension.

Personal pensions

Currently, savers who pay into either a workplace or individual personal pension can access their pension pot at age 55. In September 2020, the government confirmed this would rise to 57 in 2028. The change, which has been prompted by increased life expectancy, will mean that those who are currently 47 or under and wish to pursue this option will have to wait an extra couple of years.

Getting to know your pension ages, and what you can expect to receive, is vital in creating your retirement plan.

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