State Pension changes: How do State Pensions change next month?
State Pensions are paid into a claimant’s bank account once they reach the qualifying State Pensions age. The payments are an essential lifeline for many, and each year changes are implemented by the Government.
In April, State Pensions increased in line with the Government’s triple lock scheme.
For some people, the state pension is only part of their retirement income as they may have money from a workplace pension, earnings or another pension.
In April 2020, State Pensions increased by 3.9 percent, the biggest boost since 2012.
More changes are taking place next month, as the Government is in the process of raising the State Pension age.
Read More: State pension amount: How much claimants will get and when
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How do State Pensions change next month?
From May 6, 2020, anyone born who was between July 6, 1954 and August 5, 1954 will reach State Pension age.
The Government has made a commitment to review the State Pension age every five years, with the aim to push the age up.
Under the Pensions Act 2011, since December 2018, the State Pension age for both men and women has been rising.
In October this year the age for claimants to receive State Pension will be 66.
Then, under the Pensions Act 2014, the State Pension age for men and women will reach 67 between 2026 and 2028.
Some may be wondering if their State Pension is safe amid the coronavirus outbreak.
Fortunately, the State Pension is unaffected by any fluctuations to the stock market, and will continue to be paid as normal.
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What age will I get my State Pension?
The earliest you can get a State Pension is when you reach state pension age.
With plans in place to put up the State Pension age in increments, you can use the Government’s calculator here to work out when you will be eligible for State Pension payments.
You’re eligible for the basic state pension if you were born before:
- April 6 1951 if you’re a man
- April 6 1953 if you’re a woman
The new State Pension will be paid into the claimant’s bank account around every four weeks.
You don’t have to receive state pension when you reach state pension age, you can defer payments.
Deferring your State Pension could increase the payments you get when you decide to claim it.
However, any extra payments you get could then be taxed.
You do not get your state pension automatically, it has to be claimed.
There are three ways to do this
- Over the phone
- Download the State Pension claim form and send it to your local pension centre
- Claim from abroad
For more information on this visit the Government’s official website here.
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