Women in the UK will now qualify for the State Pension at the same age as men – currently 65.
The age increase has been on the cards since 1995 when John Major’s Conservative government decided to equalise it for both men and women.
Up until 2010, women received their State Pensions at 60, with the age gradually increasing over the years.
However, from now on, men and women will see their State Pension age go up in tandem, with it increasing to 66 by October 2020 and 67 by 2028. Another rise to 68 is proposed by March 2039.
The planned increase is in response to people living longer, as well as concerns that the State Pension is becoming too expensive to maintain in its current form.
To discuss your retirement plans, please call us on 01794 525500 to arrange a meeting.