State pension age increases have occurred frequently over the last year or so as the government plans to raise the retirement age for everyone. Thus far the changes have been introduced in stages, only affecting people born in between certain dates but next month a more encompassing change will be introduced.
On September 6, anyone born between September 6 and 1954 and October 5 1954 officially reached their state pension age.
However, come October 2020, anyone born between the much larger range of October 6 1954 and April 5 1960 will reach their state pension age on their 66th birthday, regardless of what date it falls on.
Beyond this, the government has plans to increase the state pension age to 67 and it will begin incrementally raising this through a similar process it used before.
In the long term, the state pension age will be raised to 68 between 2044 and 2046.
While nothing has been confirmed yet, full details of any changes will likely be announced in the autumn budget, which is scheduled for November.
As it stands however, the triple lock system ensures that state pension payments will increase every year by the highest of:
- Inflation rates
- Averaged earnings growth
- 2.5 percent
Additionally, retirees can also claim their state pension by phone or by completing a claim form which needs to be sent to a local pension centre.
When it is claimed, the state pension is usually paid every four weeks into an account of the claimants choosing.
The payments will come through in arrears, meaning the previous four weeks will be covered and not the coming four weeks.
The very first payment should arrive within five weeks of reaching state pension age and a person may only get part of a full payment initially.