{"id":20600,"date":"2020-12-17T14:57:47","date_gmt":"2020-12-17T14:57:47","guid":{"rendered":"https:\/\/smh.group\/?p=20600"},"modified":"2020-12-17T14:57:47","modified_gmt":"2020-12-17T14:57:47","slug":"when-im-66-spas-latest-milestone","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/when-im-66-spas-latest-milestone\/","title":{"rendered":"When I\u2019m 66 \u2013 SPA\u2019s latest milestone"},"content":{"rendered":"\n

The latest phasing of State Pension Age (SPA) increase is now finished.<\/strong><\/p>\n\n\n\n

On 6 October 2020, the SPA reached 66. Unless current legislation is changed, it will remain there until 6 April 2026, at which point the next increase, to age 67, starts to be phased in over the following two years. Thereafter the move to 68 is less certain.<\/p>\n\n\n\n

Over two years ago the Department for Work and Pensions (DWP) announced that the phasing to 68 would start in April 2037 and again run for two years. However, at the time the DWP avoided introducing any legislation, saying that it would undertake a review of the latest life expectancy projections before acting. Since then the Secretary of State at the DWP has changed three times, but there has been no news of a review. Meanwhile the rise in life expectancy has slowed dramatically, suggesting that the step up to 68 may be delayed.<\/p>\n\n\n\n

The arrival of an SPA of 66 prompted the Institute for Fiscal Studies (IFS) to publish a briefing note examining the impact of the SPA changes to date. These started with the controversial stepped increase in women\u2019s SPA from 60 to 65 between April 2010 and November 2018. With the help of DWP data, the IFS showed that each year\u2019s increase in women\u2019s SPA produced a corresponding increase in the proportion of women remaining in work.<\/em><\/p>\n\n\n\n

For example, the employment rate of 65-year-old women jumped from 21% in the third quarter of 2018 to 35% in the second quarter of 2020 as they were no longer able to claim a state pension. For 65-year-old men, there was also a sharp rise over the same period, from 34% in the third quarter of 2018 to reach 45% in the second quarter of 2020.<\/p>\n\n\n\n

As the IFS says, \u201cWith the new state pension worth \u00a3175 per week, having to wait longer to claim a new state pension significantly reduces the incomes of most people affected by this reform.\u201d <\/p>\n\n\n\n

Food for thought (and reason for reviewing your private pension<\/a><\/span><\/strong> provision) if your retirement planning still revolves around age 65\u2026 Just drop us a line on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong> if you need to speak to us.<\/p>\n\n\n\n

The value of your investment and income from it can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.<\/em> <\/em> <\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

The latest phasing of State Pension Age (SPA) increase is now finished.<\/p>\n","protected":false},"author":4,"featured_media":17118,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[212,77,79,201,689,359],"class_list":["post-20600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-dwp","tag-financial-planning","tag-pension","tag-retirement","tag-spa","tag-state-pension"],"acf":[],"yoast_head":"\nWhen I\u2019m 66 \u2013 SPA\u2019s latest milestone - SMH Group Financial Services<\/title>\n<meta name=\"description\" content=\"The latest phasing of State Pension Age (SPA) increase is now finished.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When I\u2019m 66 \u2013 SPA\u2019s latest milestone - 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