The Institute for Fiscal Studies, or IFS, has called on the DWP to act amid fears people don’t know their State Pension Age.
The Department for Work and Pensions is being urged to dispatch a vital letter to “every” person in the UK born before 1976. The Institute for Fiscal Studies, or IFS, has requested the DWP take action amid concerns people are unaware of their state pension age.
16 per cent of people whose state pension age falls between 66 and 67 either underestimate or are oblivious to their correct age, research from the Institute of Fiscal Studies (IFS) has revealed.
IFS senior research economist, Heidi Karjalainen, cautioned that just two in three individuals in their early-to-mid-60s correctly identify their retirement age as 66, and merely 20 per cent of those whose state pension age lies between 66 and 67.
“This gap in awareness is concerning because it can lead to financial risks,” cautioned Karjalainen. “And for most, the state pension will represent a large part of their retirement resources,” Karjalainen continued.
“Clear and timely communication of any future increases in the SPA is important,” cautioned Karjalainen.
The IFS has proposed that the government should write to people around their 50th birthday (so born in and around 1976) outlining their currently legislated or likely SPA, and that it should guarantee not to make changes to state pension age for anyone within 10 years of reaching it, reports Birmingham Live.
“This would help give people confidence about when they can expect to receive a state pension and facilitate financial planning in the run-up to retirement,” Karjalainen continued. You become eligible for the State Pension when you reach the official retirement age set by the Labour Party government.
This depends on your date of birth. The State Pension age is currently undergoing a gradual increase from 66 to 67 between April 2026 and April 2027 for both men and women.
A subsequent increase to 68 is scheduled between 2044 and 2046, as explained by Money Saving Expert.
For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletters .