The Department for Work and Pensions is being asked to send an important letter to everyone in the UK who was born before 1976. The Institute for Fiscal Studies has requested this action because many people do not know their correct state pension age. Research from the Institute for Fiscal Studies shows that 16% of people whose state pension age is between 66 and 67 either guess wrong or have no idea when they can claim.
Heidi Karjalainen works as a Senior Research Economist at the Institute for Fiscal Studies and pointed out that only two out of three people in their early to mid-60s know their retirement age is 66. Even worse is that only 20% of those with a state pension age between 66 and 67 have the right information. Karjalainen said this lack of knowledge creates a serious financial risk. She explained that for most people the state pension makes up a large part of their retirement income.
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Clear and timely communication about any future increases in the state pension age is essential. The Institute for Fiscal Studies recommends that the government send a letter to people around their 50th birthday for those born around 1976 to inform them of their legislated or likely state pension age.
They also suggest guaranteeing no changes to the state pension age for anyone within 10 years of reaching it. This would help people plan their finances & give them confidence about when they will start receiving their state pension. Right now the state pension age is gradually increasing from 66 to 67 for both men and women between April 2026 and April 2027. Another increase to 68 is planned between 2044 and 2046 according to MoneySavingExpert.
