You may want to reassess your retirement plans
Key changes to the state pension are taking place, yet some individuals remain sceptical they’re even happening. Now is an ideal moment to check how these regulations affect you, as payments have risen.
Following the April 2026 uplift under the triple lock, state pension payments have climbed 4.8 percent. The full new state pension now delivers £241.30 weekly following the pay rise. Another crucial change takes effect from April 2026, as the qualifying age for accessing your state pension is rising. The state pension age is gradually increasing from 66 to reach 67 by April 2028. Specialists worry that some people may be unaware this rule change affects them. In fact, research by the Standard Life Centre for the Future of Retirement suggests that 13 percent of those aged 60 to 65 don’t believe the access age is shifting from 66 to 67.
A further 10 percent admitted they were unsure whether this was accurate. Hannah Martin, pensions expert and founder of Rich Retiree, warned there are huge risks in not knowing when you will be able to access your state pension.
People are struggling
She said: “These people may have budgeted around receiving the state pension at 66, and will struggle with an unexpected year to find income for. Already, reports are showing that more people are going without essentials as a result, with women disproportionately affected.”
She warned it could prove a nasty surprise for those relying on their savings to tide them over until their state pension arrives. Ms Martin said: “It will also impact people who are planning a ‘pension bridge’ of ISAs, savings and other investments that will enable them to retire before they reach state pension age.
“If they are unaware of the increase in age, they could find their budgeting leaving them a year short.” Should you have been expecting to begin claiming the full new state pension to help with your bills but find yourself waiting another year, you would need to source an extra £12,547.60 to cover the gap, at the current rate.
Check the DWP rules
It’s advisable to verify your state pension entitlement, as the system can be complicated. Typically, you require 35 years of National Insurance contributions to receive the full new state pension.
You can see how much you’re set to receive using the state pension forecast tool on the Government website. One way to potentially boost your entitlement is through voluntarily purchasing National Insurance contributions.
People can buy contributions dating back up to six tax years. Further details are available on the gov.uk website.
