If you’re feeling a bit lost and confused about about exactly what is going on with pensions in the UK you’re in the right place.
link to details on age entitlement
In this video I wanted to summarise the current situation as it stands today for the state pension
The state pension age is currently 66. So if you are 64 today, you will be entitled to the state pension from the age of 66.
If you are born after 5 April 1960, making you 63 or younger right now, you are part of the phased increase in SPA to 67.
The increase, to 68, is not due to happen until between 2044 and 2046.
I recently made a video about discussion around bringing forward the increase in pension age to 68 increase in state pension age to 68 is being brought forward. The announcement confirming this change was anticipated to happen in May 2023.
The Treasury wanted the change to 68 to come in as early as 2035 – affecting you if you are 54 and under today. Some reports have talked about the change possibly taking effect in 2034 so that’s if you are under 53 today.
However a report in the Financial Times this week suggests that the government have now decided to leave the increase to 68 where is stands – that is it will effect you if you are 46 or under today
Now the government have decided to push the decision to beyond next year’s general election. The reason for this kicking the can down the road appears to be because they are afraid of backlash.
timestamps
0:00 the current state pension age
0:53 this week’s update in the FT
1:16 protests in france
2:01 life expectancy
3:03 gender equality and the state pension
4:16 the current state pension payout
5:25 the moving goalposts…(read more)
LEARN MORE ABOUT: Retirement Pension Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
The UK Government has recently made a U-turn on their previous decision to increase the state pension age from 66 to 67 by 2028.
The decision, which was announced in 2011, was intended to address the increasing life expectancy of the UK population and the rising cost of funding state pensions. However, it was met with significant opposition from those nearing retirement age who had not had enough time to prepare for the change, particularly women born in the 1950s who claimed they had been unfairly affected by the increase.
As a result of the backlash, in 2019 the UK Government commissioned a review into the state pension age by Sir John Cridland. The report recommended a more gradual increase in the pension age, which would reach 68 by 2039.
However, on 15th July 2020, the UK Government announced that they would not be following this recommendation and instead, will keep the state pension age at 66 until 2026 before increasing it to 67 between 2026 and 2028. They have also committed to review the state pension age every five years to ensure that it remains fair and sustainable for the future.
The decision has been welcomed by many, particularly those who were due to be affected by the previous increase. Women’s campaign groups, in particular, have hailed it as a victory for their cause, claiming that the increase disproportionately affected them and resulted in thousands of women being left without enough time to prepare for retirement.
However, not everyone is happy with the decision. Critics argue that it is a short-term solution to a long-term problem and that the state pension age will need to increase further in the future if the UK’s ageing population is to be adequately supported. Others also argue that the government’s commitment to reviewing the state pension age every five years is not enough and that a more long-term solution is needed to ensure that the UK’s pensions system remains sustainable in the future.
Overall, the U-turn on the state pension age increase is a welcome relief for many who were due to be affected by the change. However, with an ageing population and ongoing economic uncertainty, the UK Government will need to continue to carefully consider the best way to support retired citizens in the long-term.
Awesome content.
I have finally gained access to my pension account and can now review its details. I wanted to seek your advice regarding whether I should pay for all the shortfalls or just a few specific years that I have missed. I have attempted to contact the future pension center for guidance, but unfortunately, it has been difficult to reach them and obtain any advice. Therefore, I am reaching out to you in search of expert advice.
So far I've got 4 years of full contributions, 11 years I did not contribute enough, so I've got 28 years to contribute before 5 April 2051
Should I make up the payment shortfalls in full or are there other considerations to take into account?
I greatly appreciate any guidance you can provide on this matter. Thank you for your assistance.
I paid my taxes from when I was 16, I'm now 61! Slowly but surely we're all being robbed and it amazes me how many people can't see it. The world’s ten richest men more than doubled their fortunes from $700 billion to $1.5 trillion —at a rate of $15,000 per second or $1.3 billion a day— during the first two years of a pandemic that has seen the incomes of 99 percent of humanity fall and over 160 million more people forced into poverty.
“If these ten men were to lose 99.999 percent of their wealth tomorrow, they would still be richer than 99 percent of all the people on this planet,” said Oxfam International’s Executive Director Gabriela Bucher. “They now have six times more wealth than the poorest 3.1 billion people.”
<Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 60 and my wife 54 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money.Retirement is not an end, but a new beginning.Your dedication today will pave the way for a future filled with financial security and the freedom to pursue your passions Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Women pension should be age 60. Already women after marriage pregnant change our body completely. breastfeeding and all active after baby change. So considering women health's is not same as men . So fair women should retire 60
Still crap for me. I am exhausted and I have to go to 67!!!!
There's one solution. Get your great country to restart colonizing 4th world countries and rob their treasures to increase the pension. So easy.
5th and 6th of June. Will the UK Gov be made to give back the right to retire at 60 to all those women who worked and paid their National Insurance yet now have their pension payout delayed until 66. Judicial review – media black out. We all know that the pension age for women born in the sixties has been raised. Did you know a campaign called "Back to 60 movement "has won the right to a Judicial Review and is taking the DWP to the High Court ? On the 5th and 6th June they will attempt to get the 3.9 million women justice over non consultation in raising the pensionable to 67 and above. Michael Mansfield QC will lead the case and the argument for the movement. However there does not appear to be any media coverage regarding this significant event. That is why I am raising the awareness now. Let's hope and pray for justice rightly deserved PLEASE, PLEASE COPY AND PASTE
Seems to be a media blackout on this issue which suggests that the government have put a block on the media reporting it – this is exactly what social media is good at. so share the hell out of it please. Come on ladies this is worth a great deal to you.
You probably won’t get the option to share this for some reason so it’s important for everyone to copy and past, it could mean every woman that was robbed by the government of six years pension, could get the back pay they are entitled to,
You won’t struggle with the U.K. pension if you live in a hut in Congo
It is the retirement pension that has been part of increased life expectancy. Raising the age may lower life expectancy but they won’t lower the pension age quite as fast when that kicks in will they?
These politicians need dragging out of there beds and holding to account !!
Also, studies have shown over and over that women do more than men at home in terms of housework, cooking, caring for elderly parents. In nany cases they do the bulk of it. So I don’t think it would sit well with women in their 60’s to still go out to work while their partner sits at home, then get home and still clean/cook before going out to check on an elderly parent.
So unfair, some of my relatives who were women, hardly worked and got their state pension at 60! disgusting.
Hi Dianne, please dont worry or lose sleep over negative comments, there are always some people who have nothing better to do in life. Your 100% right that people should not rely on the State Pension ALONE for a comfortable retirement.
I think the most unfair thing with the retirement ages is that it treats an office worker like me that same as someone that has a physically demanding job. I really don't see how someone who has put their body through a lot working can be expected to work until they are nearly 70!
68? That is ridiculous, most employers would even entertain new employees of that age.
The reason why men’s life expectancy is lower is that they are more likely to be smokers/drinkers than women and engage in dangerous behaviour or die of “violent death” as they call it in studies (road accidents, murder etc.).
Yes biologically women are slightly more resilient than women but we have childbirth/hormone related cancers that impact on rates.
So on balance, considering lifestyle factors such as smoking/drinking/behaviour are self-inflicted, I disagree that men should take their pensions earlier.
A man with healthy habits has a life expectancy close to that of a woman.
Like you said, since my first paycheck i just assumed by the time i was old there would be no real livable state pension. Or a retirement age only valid after a letter from the Queen to celebrate my 100th.
Why has life expextancy dropped?
Oh, wait, cant speculate about that on youtube
Hmmm………. I wonder why life expectancy is falling, just 2 years after the "Vaccine" rollout???????
Not enough attention is made about state pensions values taken before and after 2016. There is a large difference in the amount of pension given before and after 2016. After 2016 is about a fifth higher. Most pensioners get a before 2016 pension value. The reasons for the difference are completely arbitrary. Nothing really changed after 2016 except they were too mean to give the pension rise to everyone. There is no excuse other than meanness for there being any difference at all.
When I left school it was 65, now it's 67. It's bullshit. Will probably go up again by the time I get there
I l Lost £24 pounds of my state pension going in to work place pension should have opted back in to the state pension The short f fall Will be made up of private pension
I have been saying, for years that men should retire earlier than women, because of what their life expectancy is, when they change the rules many years ago for women to retire at 65, instead of 60 they should've brought them both together and settled for 60 to 63 instead I also agree with you that you should make sure you have got your own pension in place for later on in life. I don't think this is really taught to youngsters early enough. I also think that there should be a different system for your pension pot on the same sort of thing as your national insurance number, you should have a national pension number so when you move from job to job your pension contributions continue in one part which the employers cannot get to show me employers stop paying into these pension pots because they're allowed to at certain times. This would stop that and make sure no one loses their pension in the future.
Good ole France….what a spineless people we are.
There is an element of the French State Pension changes that appears to have not received full attention in the media. This is the fact that in addition to the increase in the age at which Pensions will be payable in France (from 62-64), only those who have paid in for 43 complete contribution years will qualify at that age. Those who don't have 43 or more complete Contribution years will not be able to qualify for their Pension until age 68 !! This element of the legislation is going to have a huge, detrimental impact upon millions of people in France, many of whom won't have enough remaining working years in which to make up for any gaps in their contribution record.
Very shocking and this might shed light on the wider reasons for the unrest on the streets over there.
You paid tax and national insurance for 34 years you are rightfully entitled to state pension – the young workers are NOT paying for YOUR pension while you receive a state pension IT IS STILL TAXED, and while you receive your state pension you continue to be TAXED in so many ways so when you get to pension age which should be 60 for men and women you should be getting it until you die. The next generations are in the same boat – for what you paid for in your working life should get you a comfortable pension to live on until you die. And stop this rubbish talk "the young people pay for our pensions" THIS IS NOT THE CASE alternatively go and study about pensions and taxation on pensions and pensioners' income and every other tax the pensioners PAY till WE DIE! Oh, and we are all TAXED BY THE GOVERNMENT WHEN WE ACTUALLY DIE AND AFTER WE DIE – DON'T FORGET THAT!
Worrying views about the state pension. I call myself an in-betweenie – retired at 55, now in my 60s with a part time job. And I find that my living expenses are more than my pension. I was hoping to retire again using the lump sum from the tiny pension from my new job and a FSAVC to last till I am 67. I expected the state pension would start then, that is when the FSAVC and lump sum run out. Now wondering whether maybe not ask for the lump sum from work and take the full monthly pension, or even wait till 67 before claiming it. But my parents didn't live to great ages (but died of illnesses average age 70), and never elderly. I certainly need more than my main-job pension as I pay rent.
Hi Dianne, I have over 35 years full NI contributions in but was contracted out of the additional state pension to pay into a workplace pension, because of this I have been told by the pension centre from where i received my last State Pension forecast that I will not be receiving the full rate of the new State Pension when I reach my retirement age. Does this sound right to you and if so should my workplace pension scheme make up the shortfall when I reach retirement age ? I am of the understanding this is called COPE. It all becomes so very confusing for me to understand.
I don't agree with raising the State Pension age at all, it's just not true that people are living longer ( higher life expectancy ) pre or post pandemic especially after doing heavy manual work in dirty hazardous industries, also as we age a very high number of us develope serious health conditions and illnesses physically and mentally or care for someone at home, making it unsafe or even impossible to work up to or beyond the State Pension age as it is now. Even if life expectancy was now higher ( which it is not ) it's like them saying "we are going to penalise you for living longer so we will raise the State Pension retirement age". It's just not right, people plan for their retirement well in advance. Every hard working decent person deserves to live a long and happy retirement in later life.
In China women retire at 55, men 60. I'm not sure of their life expectancy though.
I agree with you about the state pension. Many people don't understand it and feel entitled to it.
The Tory government are bringing about gender equality and finance balancing by lowering everyone's life expectancy. If they keep this up they can bring life expectancy below the pension age.
With regards to the pension and its provision, it is not the government that provide the state pension but the people themselves. I want to live in a society where we look after one another and not just forsake everyone so long as I am ok.
Hi I’m 66 on Saturday
Totally agree with you. I cannot see myself getting a state pension once it's my time to collect.
As a female I agree they should make men collect theirs earlier, but with the times we currently live in, it wouldn't go down well and cause a lot of protest