State pension calculator: Work out how long you have to wait before you can retire | Personal Finance | Finance

The state pension age has been gradually rising in the UK, with the next change expected in only a few years.

The current state pension age, which is the earliest age people can start claiming the state pension, is 66, but this will soon rise to 67 between 2026 and 2028 and further to 68 by 2046.

The changes are being made to reflect increasing life expectancy projections. A review published in 2017 called for the retirement age to be increased to 68 much earlier, by 2039.

But due to a slowdown in the rise of life expectancy, this was officially put on hold last March. However, this could all change following the next review, which is expected in 2026 after the next general election.

For now, it means that anyone born before April 6, 1960, who is still in work, can retire on their 66th birthday.

Anyone born between then and April 5, 1977, will see their state pension age gradually increased to 67, while anyone born after will be part of the rise to age 68 – unless legislation is brought in to bring forward the state pension age.

So someone born on April 4, 1977, has 12 years, three months, and two weeks of their working life left before they can claim a state pension.

That means if their entire working life was the equivalent of a working week, it would be just after lunch on Thursday.

People can find out how long they have to go before they retire, as well as what equivalent day of the week it is in their working life, using our pensions calculator.

Not everyone will receive the same amount when they retire. Depending on when a person was born, they can claim either the basic state pension or the new state pension.

The full new state pension is currently worth £203.85 per week. Under the triple lock, this usually rises each April by whichever figure is higher out of inflation, wages, or 2.5 percent.

This year, the state pension will rise by 8.5 percent from April in line with the triple lock promise, taking the weekly amount up to £221.20. People can claim the new state pension if they are a man born on or after April 6, 1951, or a woman born on or after April 6, 1953.

The amount a person gets depends on their National Insurance record. Typically, people need around 35 qualifying years on their record to get the full new state pension, and normally around 10 years to get anything at all.

However, men born before April 6, 1951, or women born before April 6, 1953, can claim the basic pension, which is currently worth £156.20 per week. This will rise to £169.50 under the triple lock promise.

Again, how much basic state pension a person receives depends on their National Insurance (NI) record.

Men usually need 30 qualifying years if they were born between 1945 and 1951, or 44 qualifying years if they were born before 1945, to get the full amount.

To get any basic state pension at all, people typically need at least one qualifying year if they were born between 1945 and 1951, or 11 qualifying years if they were born before 1945.

Women normally need 30 qualifying years if they were born between 1950 and 1953, or 39 qualifying years if they were born before 1950, to get the full amount.

To get any basic state pension at all, people usually need one qualifying year if they were born between 1950 and 1953, or 10 qualifying years if they were born before 1950.

However, more pension changes are coming this year.

Pension rule changes 2024

The pension lifetime allowance is due to be scrapped in April. This is the total amount a person can build up in all their pension savings without incurring an extra tax charge.

It is currently set at £1,073,100 but Chancellor Jeremy Hunt said that limit will be scrapped altogether from April. There will now be a £268,275 cap on the tax-free lump sum a person can take from their pension.

Other changes include an extension of the auto-enrollment scheme, which will mean workers are automatically entered into their employer’s workplace pension when they turn 18. Under current rules, people are auto-enrolled at 22 and need to be earning above £10,000 a year.

The lower earnings limit, which is the minimum level of earnings on which a person and their employer have to pay contributions – is also being abolished. The limit is currently set at £6,240.