WHAT IS THE CURRENT STATE PENSION AGE?
It sounds an easy question, but right now it is a moving target. If you answered 65, you are wrong because that stopped being the State Pension Age (SPA) last December. Until 6 October 2020 SPA is in a transitional period where there is no specific age, just a set of dates, each separated by two months, on which it arrives, depending upon date of birth. So, for example, if you were born between 6 February 1954 and 5 March 1954, you reach your SPA on 6 July 2019. From 6 October 2020 until 5 April 2026, SPA will remain at 66, before starting another two-year transitional period, en route to 67. To provide an example… John Travolta was born 18 February 1954. You will remember him as a 20 year-old Danny Zuko in the 1978 movie “Grease” (about the summer of ’58). He played opposite Olivia Newton-John, who is now 70.
And the result is…
Source: National Statistics
The SPA has been on the rise since 2010, when the process of equalising state pension ages for men and women began. The effect of that controversial reform can already be seen in UK labour market statistics. In April 2010, at the start of the equalisation process, 58.5% of women aged between 50 and 64 were in the work. By January 2019 that proportion had risen to 68.1% – an increase of almost a sixth. As the graph shows, in that age band there are still proportionately more men in work, but the gap between the sexes has been narrowing since 2010.