Pension age raised to 66 in the UK from October 2020 – UKMALAYALEE

Pension age raised to 66 in the UK from October 2020

Tuesday 29 September 2020 8:52 PM UTC

LONDON Sept 30: The State Pension age in the UK is gradually increasing to reach 66 by October 2020.

State Pension is a sum of money which is given to Britons of an eligible age, who are often looking to depart the workforce. But the age at which many can receive the sum is set to undergo an important change from October 2020. State Pension age increases have been happening quite frequently within the last year, as the government makes incremental shifts.

Regular changes have meant certain groups of people will see their state pension age rise.

This means, for some, receipt of the amount to which they are entitled is likely to be further off than they may have planned. The most recent change took place in September, meaning those born between particular dates were affected.

Anyone born between September 6, 1954 and October 5, 1954 officially reached the state pension age of 66 on September 6, 2020.

While for the last few years many have become accustomed to a state pension age of 65, the incremental increases have led to a shift.

Next week, though, a more widespread change is set to occur, and many more will wish to make note of the alteration.

In October 2020, anyone born between October 6, 1954 and April 5, 1960 can expect to reach state pension age on their 66th birthday.

This is a much larger age range than previous upratings, and so hundreds of thousands of people are likely to be affected.

However, while these changes are monumental, they are not expected to be the last the government makes in this regard.

And over a longer period of time, this will eventually be increased again to 68.

The rise to state pension age, the government has said in the past, is a result of the increased life expectancy of Britons now.

In 2017, the government said, a 65-year old could expect to live for 22.8 years after first claiming their pension.

This is compared to the life expectancy of 13.5 years after receipt of state pension when the payment was first introduced in 1948.

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