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Your 66th birthday
Planned State Pension age increases
Under the current law State Pension age will already increase to: 67 between 2034 and 2036 68 between 2044 and 2046
However, the government is considering how the State Pension age should be changed in the future. This may mean the timetable for increases to 67 and 68 will be revised. The government will bring forward proposals in due course. Any change to the timetable would require the approval of Parliament.
SINGLE TIER PENSION – LAUNCH BROUGHT FORWARD TO 2016
20 March 2013
The government has announced that they will look to launch the new single-tier State Pension now in April 2016.
In January 2013 the Government published the White Paper – The single-tier pension: a simple foundation for saving' which set out plans for the single-tier pension. Since then feedback received from stakeholders has reinforced the need to reform the state pension as soon as possible and so to that end, and in line with the original intention, the government has looked at ways to deliver single-tier earlier than 2017 and can now confirm that the single-tier pension will begin in April 2016. By starting a year earlier it is estimated that around 400,000 more people will reach State Pension age under single tier, including every woman affected by the acceleration of the equalisation of the State Pension age. The government have committed to continue to work with stakeholders and the industry throughout implementation of the single-tier pension, and in particular to assist with a smooth transition during the end of contracting out. Steve Webb, Minister for Pensions said " Our reforms will create a simple, decent State Pension, which is set above the basic means test sooner. The new State Pension will be fairer to the low-paid, the self-employed and carers and make it easier for people to understand what they will get from the State when they reach State Pension age . " By introducing single tier in 2016, every woman affected by the changes we have made to the State Pension age in this parliament will also now have access to the new State Pension ."
The press release can be read in full at the DWP website.
CIPP Policy News Journal
16/04/2014, Page 464 of 519
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