The state pension age began its gradual increase to 67 in April, marking a significant shift for millions of workers approaching retirement.
The qualifying age will rise incrementally over the next two years until it reaches 67.
Those born between April 6 and May 5, 1960 are the first cohort affected by the change, facing an additional one-month wait before receiving their payments.
The adjustment reflects rising life expectancy, with many younger workers now expected to remain in employment into their seventies.
Peter Bradbury, from Preston, said: “It is annoying, I’ll do some other work and I can’t travel as much as I wanted to.”
Mr Bradbury will receive his state pension at 66 years and eight months.
The Treasury expects the change to deliver savings of approximately £10billion annually by 2030.
State pension payments have also risen, increasing by 4.8 per cent in line with average earnings under the triple lock policy.
State pension age increase to 67 begins in UK as millions face delayed retirement
|
GETTY
The new flat-rate state pension, which applies to those reaching retirement age after April 2016, now stands at £241.30 per week, equivalent to £12,547.60 annually.
This represents an increase of £574.60 per year.
Recipients of the old basic state pension, covering those who qualified before April 2016, now receive £184.90 per week, or £9,614.80 annually.
This equates to a yearly increase of £439.40.
Are you affected by state pension age changes? | GBN
Many individuals on the older system may also qualify for the additional state pension.
To receive the full state pension, individuals typically require 35 years of national insurance contributions.
Gaps in contributions may occur for those who have lived overseas or taken time out of work for caring responsibilities.
Charities have warned that the increase in the state pension age is likely to disproportionately affect areas with lower healthy life expectancy, with lower-income groups expected to be most impacted.
Official figures highlight significant regional disparities in healthy life expectancy across the UK.
Men in Wokingham, Berkshire, are expected to remain in good health until nearly 70, while women reach almost 71.
In contrast, men in Blackpool have a healthy life expectancy of 52, while women in Barnsley are expected to remain in good health until approximately 53.
Laurence O’Brien, senior research economist at the Institute for Fiscal Studies, said: “The people most affected are often those least able to adjust through staying in work or drawing on other savings, for example those already out of work or in poor health.”
Mr O’Brien said: “There is a good case for future increases to the state pension age to come alongside targeted financial support for most affected groups.”
Lily Megson-Harvey, policy director at My Pension Expert, said: “While the state pension age rising to 67 may feel like the goalposts are shifting, it’s important to remember that people can still take control of their retirement.”
She said extending working life is not feasible for everyone, particularly those in physically demanding roles or experiencing health difficulties.
Private and workplace pensions are expected to play an increasing role in supporting retirement income.
Ms Megson-Harvey said: “For consumers, the message is simple: don’t wait to act, whether you’re checking your state pension forecast, using the pension tracing service to track down any lost, or forgotten, pots or seeking financial advice, these are all practical steps that can offer savers a sense of control and reassurance in their retirement plans.”