The age at which we can expect to receive our State Pension has been steadily increasing. Previously a man could claim his State Pension at the age of 65 and a woman at 60; however the date that you become entitled to your State Pension now depends on your date of birth.

From December 2018 onwards the State Pension age for both men and women will start to increase to reach 66 by October 2020, 67 by 2036 and 68 by 2046. However, the Government recently announced that it intends to bring forward the increase in this age to 67 by 2028, so we may see further changes to these.

You do not have to take your State Pension when you reach pension age. It may be beneficial to defer it for a period, especially if your income in the year of retirement is high. At the moment you need 30 full years of National Insurance Contributions to qualify for a full basic State Pension (currently £107.45 per week).