Fiducia Wealth Management
Posted in Pensions & Retirement, State Pension on 02.05.14

Understanding The State Pension

For many the State Pension will form an important part of retirement income.  However, with changes to State Pension Age (SPA) and the proposed introduction of a Single Tier system from April 2016, it may be unclear as to when you will become entitled to State Pension and what level of income you will receive.

In the first of a two part review, Sarah Travers explains the current rules about State Pension Age.  Part two of the review, to be published in May, will focus on how much you may receive.

 When Will You Reach State Pension Age?

The changes to State Pension Age began in April 2010 when the process for aligning the State Pension Age (SPA) for women with the SPA for men commenced.  Many women found that where they had planned to retire at age 60, they would in fact only receive State Pension from age 65.  Women born on or after 6 December 1953 will automatically be moved to an SPA of 65, whilst those born between 6 April 1950 and 5 December 1953 will see some form of increase in SPA from the former age of 60.

Under current law SPA for all will start to increase from December 2018 to reach age 66 by October 2020.  Again this is being phased in over that period for those born between 6 December 1953 and 5 October 1954.  For those born between 6 October 1954 and 5 April 1968 SPA will be age 66.


In addition, SPA will increase further to:

  • 67 between 2034 and 2036 – affecting those born between 6 April 1968 and 5 April 1977
  • 68 between 2044 and 2046 – affecting those born between 6 April 1977 and 5 April 1978

Anyone born on or after 6 April 1978 will currently have an SPA of 68.

Not surprisingly much confusion has arisen!

To compound the complexity, just when we thought the dust had settled on State Pension reforms, the Government has subsequently proposed that:

  • people born between 6 April 1960 and 5 March 1961 will reach State Pension age between 66 and 67
  • people born on or after 6 March 1961 will reach State Pension age when they’re 67 or older

These changes have not yet been approved by Parliament.

Knowing when you will receive State Pension may have a significant impact on your retirement planning.  Even for those will additional resources, the provision of State Pension will still play a part and should not be overlooked.  State Pension Age timetables can be found on the website and can be accessed by clicking here.

At Fiducia Wealth Management we are experienced in helping clients plan their retirement and would be happy to answer any questions you may have.


If you would like to know more about how we as Financial Advisers can help you  with your Pensions and overall Retirement Planning then visit the Retirement Planning section of  our website: Retirement Planning  or send us email at:

The information contained in our website is for guidance only and does not constitute advice which should be sought before taking any action. The information is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change. Accordingly, no responsibility can be assumed by Fiducia Wealth Management Limited, or any associated companies or persons, its officers or its employees, for any loss occurred in connection with the content hereof and any such action. Professional financial advice is recommended for every case.

Fiducia is a multi award-winning firm of Financial Advisers based in Dedham near Colchester situated in the heart of Constable Country on the Essex Suffolk border.

Fiducia Wealth Management Ltd. Dedham Hall Business Centre, Brook Street, Dedham, Colchester, Essex, CO7 6AD.

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Fiducia Wealth Management
Posted in Pensions & Retirement, State Pension on 02.05.14