Pension age steps closer to 57
The government has published draft legislation to raise the minimum age for drawing pension benefits from 55 to 57.
The government has published draft legislation to raise the minimum age for drawing pension benefits from 55 to 57.
State pension increases and the Triple Lock are back in the spotlight.
State pensions and the National Living Wage both increased in April.
The triple lock means state pension payments rise 2.5% for most amid strengthening calls to remove this guaranteed increase.
The latest phasing of State Pension Age (SPA) increase is now finished.
The government has acted to ensure state pension increases can happen next April
The long-standing triple lock underpinning state pensions may be under threat as a result of Covid-19.
The new state pension is going up, but the UK is at the bottom of the OECD league, with a state pension representing only 21.7% of average earnings. Planning for retirement is vital.
The Budget is set for 11 March, with speculation around changes to pensions allowances, tax reliefs and more.
The National Living Wage is set to rise, with further increases by 2024. But this isn’t matched by increases in new state pension levels.