A: Yes, I’m afraid that is true. The state pension age for women is currently between 60 and 61 and was set to rise to 65 (the same as men) by 2020.
However, our current government has brought this forward two years, so the state pension age will equalise in 2018. While the state pension age for women will remain the same this year, from 2014 it will gradually rise in regular intervals from 62 in 2014/2015 to 65 by 2018.
The news is even worse for women in their 30s and 40s, as the government announced plans to link the state pension age to longevity in the 2012 Budget, which means state pension age is likely to rise to 70 and beyond.
To check where you stand, see below:
– Now under 32 – state pension age = 68+
– Now between 32 and 49 – state pension = 67
– Now between 50 and 51 – state pension = 66+
– Now between 51 and 56 – state pension = 66
– Now 57 – state pension = 65
– Now 58 – state pension = 65
– Now 59 – state pension = 63-65
– Now 60 – state pension = 61-62
– Now 61 – state pension = can claim this year
– Now 62 – could claim from aged 60
So, the best advice I could give is to make sure you open and start paying in to a personal pension as soon as you can, as a state pension looks less and less likely to be able to adequately fund your old age and retirement.
If you work and your company hasn’t already spoken to you about a company pension scheme, ask your HR or personnel department about their plans to enrol staff into the new National Employment Savings Trust. To be eligible for automatic enrolment, staff will have to earn at least £7,475 a year, and all companies must enroll their staff by 2016.
Andrea Ventress, money expert
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