According to a YouGov survey, which polled over a thousand adults approaching retirement, many do not know the state pension age. This is significant for those teachers in the CARE scheme, as your pension is linked to your Normal Pension Age (NPA) or the age when you can claim your state pension.
Age UK Research on retirement
This survey was part of research from Age UK. The assumption that prompted the research is that many people are in the dark about recent changes. They discovered that 24% of those asked were unaware that the state pension age had changed. Many of these found that the state pension age was higher than they had previously thought. A further group claimed to have forgotten to check this data online.
Who is affected?
Women have been particularly affected by the changes in pension age. In 2010 the pension age was 60, and in 2018 this will be 65. By 2028 it is thought that the pension age will be 67 for both men and women. Without surprise, well over half of those polled responded negatively to the prospect of these changes.
Although those in deprived areas and on low incomes are likely to struggle most due to these changes, teachers may find the prospect of additional years on the front-line of education daunting.
Age UK is clear in their concern about these changes. There are many hundreds of thousands of people in their 50s and 60s who are already struggling to work. This means that the additional time people will need to wait for pensions could cause some hardship.
The content in this article was correct on 11th January 2018. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on when you can claim your teacher pension. Please use the contact form below to arrange an informal chat with an adviser and see how we can help you.