Displaying items by tag: State Pension

Half (49%) of workers in the UK plan to work beyond State Pension age, with the average expected retirement age of 72.

Chancellor Jeremy Hunt’s National Insurance (NI) cuts, which come into effect on Saturday, could hit the future funding of the state pension and current triple lock.

A major new study has found that a quarter of people (24%) are in the dark about the age they will receive their State Pension - including 10% of those aged 55 to 64.

Retirees are set to receive a 8.5% increase to their State Pension from April next year as CPI inflation held steady at 6.7% for the year ending September.

The latest official wage growth figures published today by the ONS means the state pension should hit £11,501 in April 2024, a 8.5% rise, up from £10,600 this year.

The annual growth in average pay including bonuses hit 8.2% in June, according to figures published this morning by the Office for National Statistics.

Former Pensions Minister Baroness Altmann has called on policymakers to look at other ways to solve rising state pension costs than raising the starting age, cutting the amount or more means-testing.

Almost nine in ten (86%) mass affluent pension savers expect the State Pension to be a vital part of their retirement income, according to a new report.

The cost of a comfortable retirement has increased by nearly a fifth in the last two years as average spending by retired households climbs to £23,675 a year, new analysis of the latest Government data has shown.

There needs to be fundamental reform to the State Pension to prevent later life poverty from worsening as the pension age rises, a new report warns today.