The state pension rules are changing (Image: Getty)
Changes to the state pension system would allow people to access the benefit early. The update comes as key adjustments are taking effect right now concerning when you can access your payments.
The state pension age has been on the rise in recent years, with another increase on the way. The access age is currently moving in stages.
The gradual rise started in April 2026, moving up from the previous age of 66 for the state pension age to reach 67 by April 2028. You may also want to note here that the age you can dip into your private pensions is also jumping up in April 2028, increasing from the current 55 to 57.
However, there are concerns that people are already struggling to keep on working until they reach state pension age. The full new state pension currently pays almost £12,550 a year, so reaching the age when you can claim the support can be an important means of support for many older people – and having to wait longer can have a big adverse impact.
Some critics of the current rules say it can be too rigid to have a single age when you can claim your state pension, given that people’s situations can be very different. To provide more flexibility, pension provider Aegon is calling for an early access system, where you can claim your payments up to three years early.
‘Realistic choices’
Kate Smith, head of pensions at Aegon, said: “We need a system that offers realistic choices, that better reflects people’s lives, not a cliff-edge. An early access system could provide a vital financial bridge.
“Savers could choose to draw their state pension up to three years early at a reduced weekly rate.” She explained who in particular could benefit from this early access system.
Ms Smith said: “This flexibility should be open to everyone, but it is explicitly designed to throw a lifeline to manual labourers, carers, and those battling ill health who physically cannot work until 67 or 68.”
However, the retirement expert warned that more policy changes are needed to ensure people have enough income as they move into retirement. Ms Smith warned: “Taking a reduced state pension risks dragging people into poverty, meaning the UK Government must be prepared to think outside the box.
“Employers must also step up, collaborating to design flexible roles, phased retirements, and age-inclusive workplaces, higher workplace private pension contributions, that allow older workers to transition with dignity, rather than out of financial desperation.” Another state pension age increasing is on the cards, with a move from 67 to 68 set for between 2044 and 2046.
‘Incredibly bad idea’
But there has been discussion of bringing forward this move to 68. Ms Smith said she firmly opposes such an idea. She said: “Rumours persist that the shift to age 68 will be brought forward to the late 2030s.
“Accelerating this timeline is an incredibly bad idea that will unfairly shock the system and hit the most vulnerable hardest. It should be recognised that increasing the state pension age benefits the wealthiest most as they tend to live longer, not those necessarily in the most need.”
You can check your state pension age using the ‘Check your State Pension age’ tool on the Government website. To find out how much you are on track to get, you can use the ‘Check your State Pension forecast’ page on the gov.uk website. This will also show you if you can potentially increase your entitlement.
