A recent study by the Institute for Fiscal Studies (IFS) has revealed that many people in their 60s are unaware that the State Pension age will rise to 67 starting in 2026.
The change will affect everyone born on or after April 1960, but the findings show that a large number of older adults still do not know when they’ll be eligible to claim their pension—putting their retirement plans at risk.
Pension Age Change in 2026
From 2026, the official State Pension age will increase from 66 to 67. This will apply to both men and women born on or after April 1960.
Despite the upcoming change, the IFS survey found that 59% of people had the wrong expectations about their pension age. Some believed they’d get it earlier, while others assumed it would come much later.
Key Findings from the Study
The IFS discovered that:
- 42% of respondents believed they would get their pension later than they actually will
- 12% thought they would receive it earlier than they really will
- 5% admitted they didn’t know when they’d qualify
This means around 22% are under the false impression that their pension will arrive sooner than it will—and could face financial surprises in retirement.
Why It Matters
The IFS warned that this lack of knowledge can lead to poor financial planning. If people don’t know their actual pension start date, they might:
- Stop working too early
- Save less than they need
- Misjudge how much they can spend in retirement
Experts also said those with less financial stability are more at risk because of these knowledge gaps. Misunderstanding pension rules could mean struggling later when income is needed the most.
Ongoing Pension Age Reviews
The State Pension age is regularly reviewed by the Department for Work and Pensions (DWP). It could change again in the future, depending on factors like:
- Rising life expectancy
- Economic conditions
- Government policy
As of now, the plan is to gradually raise the State Pension age to 67 for people born on or after April 1960.
Many older adults in the UK are still unaware of when they’ll receive their State Pension—and this could lead to poor retirement planning. With the age set to increase to 67 from 2026, it’s crucial that people nearing retirement check their pension age and plan accordingly.
The findings highlight the importance of clear communication and financial education, especially for those most at risk of financial hardship.
FAQ’s
When is the State Pension age increasing to 67?
The State Pension age will rise from 66 to 67 starting in 2026 for anyone born on or after April 1960.
What did the IFS study find about pension awareness?
The IFS found that 59% of older adults had incorrect expectations about when they will receive their State Pension.
How can this lack of awareness affect retirement planning?
People who misunderstand their pension age may retire too early, save too little, or plan poorly, leading to financial difficulties.
Can the State Pension age change again in the future?
Yes, the pension age is regularly reviewed and may change again depending on factors like life expectancy and government policy.
Who is affected by the State Pension age increase?
Anyone born on or after April 1960 will be affected by the increase in State Pension age to 67 starting from 2026.
