DWP Urgent Warning for State Pensioners for State Pension AGE: A new study by the Institute for Fiscal Studies (IFS) has found that many people in the UK are unsure about when they can start claiming their state pension. This lack of awareness could lead to big financial problems in retirement. With changes to the state pension age coming soon, knowing your correct age is more important than ever.
What the Study Found
The research focused on people who are close to retirement. The study found that only about 40% of people who have a state pension age (SPA) between 66 and 67 knew their exact age correctly—within three months.
Here’s what else the study found:
42% of people overestimated when they could claim their pension.
12% underestimated their pension age.
5% said they had no idea when they could start receiving the pension.
For those whose SPA is exactly 67, about 60% knew the correct age.
Overall, around 60% of people got their SPA right.
Still, 18% thought they’d have to wait longer than they actually do.
This shows that a large number of people may be making wrong decisions about retirement, simply because they don’t know the right age.
Why This Is a Big Deal
The state pension is a major part of retirement income for many people in the UK. Not knowing when you can claim it could mean:
Retiring too early and running out of savings
Delaying retirement when you didn’t need to
Mismanaging your personal finances
The IFS estimated that around 130,000 people either don’t know their SPA or think it’s lower than it actually is. This means thousands could be hit with a surprise when they realise they have to wait longer to get their pension.
Warning from Experts
Heidi Karjalainen, a senior economist at IFS, said the situation is worrying. She explained that many people in their 60s do know their SPA, but the number who don’t is still too high.
She said if someone finds out late that they have to wait longer to get their pension, they might regret retiring early or not saving enough money while they still had time.
She also pointed out that this issue is becoming even more urgent because the state pension age will rise from 66 to 67 starting in April 2026. This will affect anyone born after 6 April 1960.
What Needs to Be Done
The IFS is asking the government and private pension companies to make the information clear and easy to understand for everyone. With major changes coming, it’s important that people know their exact retirement age, so they can plan properly.
Knowing your state pension age is essential for planning your future. Many people in the UK are still confused about when they can retire, and this could lead to serious financial issues. As the pension age is set to rise, it’s crucial that everyone is well informed. If you’re unsure about your SPA, check with the Department for Work and Pensions (DWP) or use their online tools to find out.
FAQ
Q1: What is the state pension age in the UK right now?
The current state pension age is 66, but it is rising to 67 starting in April 2026.
Q2: How can I check my state pension age?
You can check your state pension age by visiting the UK Government’s website and using the state pension age calculator.
Q3: Why is it important to know my state pension age?
Knowing your SPA helps you plan your retirement better, avoid financial shocks, and make smart saving decisions.
Q4: What happens if I think my pension age is earlier than it really is?
You may retire too soon, lose income, or find out you need to wait longer to receive money from the state.
Q5: Who will be affected by the pension age increase in 2026?
Anyone born after 6 April 1960 will have a state pension age of 67, starting from April 2026.
