Overview
- The state pension age, which began rising Monday, will increase by one month each month until it reaches 67 in April 2028.
- This year’s triple lock uplift set the full new state pension at £241.30 a week, about £575 more a year than before.
- DWP minister Torsten Bell told MPs the department is taking proposals for targeted early access seriously for people who cannot work to older ages.
- Royal London estimates the phased rise will extend National Insurance payments, adding about £4,011 for a £100,000 earner and over £14,000 for their employer.
- With tax thresholds frozen, the full new pension now sits just £22 below the personal allowance, which Vanguard says will pull more retirees into paying income tax.