The UK government announced on the 3rd November 2010 that it will go ahead with plans to increase the state pension age. Although this has yet to be approved by Parliament, it is likely that the official retirement age will rise to 66 by 2020 for both men and women. If you need to work out whether this increase will affect you, or want to get a forecast of your retirement date, then the Directgov state pension age calculator may be worth a look.
What is the Directgov State Pension Age Calculator?
This calculator basically takes your date of birth and gender and uses them to work out the exact date when you will qualify to claim the state pension. The tool also tells you your age at this date and how long you have to go before it is reached. Additional information includes the number of years of National Insurance payments necessary to get the full basic pension, the date when you may be given Pension Credits and concessionary bus passes and when you should expect to be sent a formal claim pack.
Has the State Pension Calculator Been Updated With the Change in Retirement Age?
The calculator has not yet been updated to factor in the projected changes. At the moment, data given for those that may be affected by the increase to 66 may not, therefore, be accurate. If you were born between the 6th April 1953 and the 5th April 1960, then the pension age calculator will not yet give up to date results.
Anyone born before those dates can work with the current system. People with birth dates later than the 6th April 1960 can use the Directgov calculator to get an accurate forecast. It has already been amended to factor in the increase for people born after this date following proposals by the previous government.
How to Calculate State Pension Age if You Will be Affected by the Rise to 66
If you will be affected by the increase in state pension age, then you can still use Directgov to find out when you will qualify. The site has set up lists of birth dates and corresponding retirement age deadlines. All you have to do is to find out where your date of birth falls in a list and you'll then see your new official state pension retirement age.
There are separate lists for women (born between 6th April 1953 and 5th December 1953) and for women/men (born between 6th December 1953 and 5th April 1960) on the site. This is due to the current discrepancy in male/female retirement ages. The increase to 66 will start sooner for women to bridge the gap.
Those interested in learning more about the changes in the state pension age and when they will occur may find it useful to read more at: "Government Confirms That UK State Pension Age to Rise to 66 by 2020." It may also be worth taking the time to get a pension forecast and checking out how delaying making a claim can increase income.
Related articles on general retirement calculators:
- Using a Retirement Calculator to Check Savings
- The Life Expectancy Calculator & Retirement
- Buying Annuities: Can an Online Annuity Table or Calculator Help?
Source: Directgov
Carol Finch - Carol Finch is the Topic Editor for Retirement Planning, Budgeting, E-Commerce & Technical/Business Writing on Suite101.
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