State Pension Age (SPA) rises in April 2026 – only a year away. Accordingly, it will rise from 66 to 67, affecting anyone born after 6 April 1960.  New research from the Institute of Fiscal Studies finds that while most people aged 55–65 know their SPA.  But, a significant minority are unaware or mistaken about their SPA.

Those whose State Pension Age is between 66 and 67 and will reach SPA between April 2026 and March 2028; 42% know their SPA correctly. However, many (42%) overestimate their State Pension Age. Notably,16% (or one in six) of this group either do not know their SPA or underestimate it.  Subsequently, this translates to around 130,000 people. Furthermore, those with lower levels of wealth are particularly likely to be mistaken.

Ultimately, this gap in understanding poses risks for people approaching retirement. In particular, those who subsequently discover they must wait longer than they had thought. Hence before receiving a state pension may face a period of unexpectedly low income.

Moreover, this is especially important as the state pension age rise from 66 to 67 is imminent.  Besides, it starts in just a year. If individuals discover that they need to wait longer than they had thought to claim the state pension, they may regret having retired or not having saved more.  

In fact, the research highlights the importance of clear communication from the government and private pension providers.   Ultimately, the communication needs to centre around increases in the state pension age. Such as helping people avoid costly surprises and plan more effectively for later life.

State pension age rises in April 2026. Contact us for help with your financial and retirement planning. Call us today on 01603-957599 for your free initial consultation.