State Pension Age increasing

There are two elements to this:

Women

The age at which females will receive their State pension is being increased from 60 to 65 to bring it in line with the State Pension Age (SPA) for men.

This increase is being phased in gradually over a period of years with the result that women born between 5th April 1950 and 5th April 1955 will have an SPA of between 60 and 65 – all women born after 5th April 1955 will automatically have an SPA of 65.

The original intention was that this increase would be phased in over a period of years ending in April 2020.

Research undertaken by Just Retirement on lifestyle changes and medical issues show it is now estimated that between 55% and 65% of people retiring could have a condition that might qualify for an enhanced annuity and obtain a much needed boost to their income in retirement.

Recent advances in the accuracy of medical underwriting have enabled a ‘widening’ of the conditions that might qualify for an enhancement. Just Retirement’s research shows that more people than ever could benefit from an enhancement to their income in retirement. Also combinations of medical conditions and lifestyle issues are now taken into account in far greater detail.

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