Changes to the state pension age have coming into effect in recent years, affecting people born from 1950 onwards. In the past, the state pension age was 60 for women and 65 for men, however under the Pensions Act 1995 and the Pensions Act 2011, the state pension age for women reached 65 in line with men back in November 2018.
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Pensions: How YOU can plan to get the most out of your private pension
Now, the state pension age will rise to 66 by October 2020 under the Pensions Act 2011, and further increases will see it rise to 67 and then 68 under the Pensions Act 2014 and Pensions Act 2007.
Next month will mark a significant date for some people.
This is because a certain group of people will reach their state pension age.
On March 6, 2020, those born between June 6, 1954 and July 5, 1954 will reach state pension age.
People born on the first date of this range of date of births will have a state pension age of 65 years and nine months.
The other people will have a state pension age of 65 years, eight months, and one day.
In addition to reaching state pension age on this date, people will also reach Pension Credit qualifying age on March 6, 2020.
It’s possible to check when a person will reach state pension age online, using the government’s “Check your State Pension age” tool.
In order to use this, a person needs to enter their date of birth.
They also need to input whether they’re classified as a man or a woman.
It will then explain when a person reaches state pension age, as well as what their state pension age actually is.
It may be that a person who has reached Pension Credit qualifying age may be able to claim the payment.
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According to the Department for Work and Pensions (DWP), more than a million people entitled to Pension Credit are not year claiming it.
The DWP said there is overall a 60 percent take-up of Pension Credit.
In order to claim it, those eligible are instructed to do so by phone, by calling 0800 99 1234.
It’s possible to check to see whether a person is eligible for the payment by using the Pension Credit calculator.
How much is the new state pension?
The full new State Pension is currently £168.60 per week – however the amount a person actually gets may differ to this.
The state pension is set to rise in April this year, by 3.9 percent.
The increase is taking place under the triple lock mechanism, and this year’s rise is tied to wage growth.
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