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State Pension reforms: new State Pension

There have been numerous changes regarding the State Pension. This page looks at the State Pension reforms and what they might mean for you.  

Changes to State Pension ages

The State Pension age has been undergoing radical changes since April 2010. The changes will see the State Pension age rise to 65 for women between 2010 and 2018, and then to 66, 67 and 68 for both men and women.

The Government has made a commitment to review the State Pension age every five years. The first report can be found here.  This includes an analysis of life expectancy projections by the Government Actuary's Department and reports from an independently-led body on wider factors that should be taken into account when setting State Pension age, such as variations in life expectancy.


Changes to State Pensions

The State Pension was made up of a basic flat-rate pension and an additional State Pension.

In May 2014, the Government passed legislation that set up a new State Pension system that came into effect on 6 April 2016.

The new State Pension system:

  • provides a higher flat-rate pension; and
  • only affects those who reach state pension age on or after 6 April 2016.

If you reached State Pension age before 6 April 2016, you will not be affected; you will continue to receive your State Pension under the previous rules.

To read more about the new State Pension and the reforms please click here.


Deferring claiming State Pensions

You can choose to defer taking your State Pension. This could give you extra State Pension when you do decide to claim it. Under the previous rules you could take the extra amount as extra pension or as a lump sum payment.

For those reaching State Pension age on or after 6 April 2016, it will not be possible take the extra amount as a lump sum payment.

To find out more about deferring your State Pension, please click here.


Frequently asked...

Where can I find out more?

If you need more information, please contact us. A pension specialist from our team will be happy to help with whatever pensions-related question you have. Our help is always free.

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