Hike in state pension age means 1 in 10 people have no idea when retirement is | Personal Finance | Finance

The Insitute for Fiscal Studies (IFS) said its research had discovered that large numbers of people nearing retirement did not know when their state pension age was.

IFS told the Financial Times publication FTAdviser it was concerned with the findings because in a year’s time the state pension will increase in monthly increments from 66 to 67 for anyone born after April 6 1960, while those born after March 6 1961 will have a state pension age of 67.

IFS surveyed three groups, those whose pension age was 66, those whose age was between 66 and 67 and those whose pension age was 67. IFS said 60% of the total were accurately able to say when their state pension age was, while 18% believed it was higher than it was.

IFS said the government needs to act urgently. IT said: “Given the risks associated with any unexpected delays to the receipt of the state pension, clear and timely communication of any future increases in the state pension age is important.