SPA – get your date straight

A recent study 1 has found that a significant proportion of over-55s struggle to understand a range of key terms and rules relating to pensions. One essential piece of information to know is your State Pension Age (SPA), which is determined by your date of birth.

The SPA is gradually increasing from 65 and is set to reach 66 for men and women by next October, then to 67 by 2028 and to increase from 67 to 68 at a later date. Under the Pensions Act 2014, a review of the SPA is conducted at least once every five years, which means that it could change again in the future, depending on different factors, such as changes in life expectancy.

Check your State Pension Age on the government’s website We can help you with all aspects of your retirement planning. Remember, although a valuable supplementary sum, your State Pension should be regarded as a small part of your plan. 1 Portafina, June 2019

It is important to take professional advice before making any decision relating to your personal finances. Information within this page is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.

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