Section 26: Increase in pensionable age to 67
Part 1 of Schedule 2 to the 1995 Order stipulates pensionable age for men and women. As amended by the 2008 Act this provides for the increase in pensionable age to 67 to take place between 6th April 2034 and 5th April 2036. This section amends these rules to bring forward the increase in pensionable age to 67 to take place between 6th April 2026 and 5th March 2028.
Under the timetable set by the 2012 Act, those born on or after 6th October 1954 but before 6th April 1968 will reach pensionable age on their 66th birthday. Under the proposed timetable, those born between 6th April 1960 and 5th March 1961 will have a pensionable age of between 66 years and 1 month and 66 years and 11 months (section 26(3)). Those born on or after 6th March 1961 but before 6th April 1977 will reach pensionable age on their 67th birthday (section 26(4)).
The table in section 26(3) sets out how pensionable age will increase from 66 to 67. Individuals in each one month birth cohort affected by the transitional arrangements will reach pensionable age when they reach age 66 and the specified number of months. For example:
an individual born on 15th April 1960 reaches pensionable age when they reach age 66 and one month on 15th May 2026;
an individual born on 10th September 1960 reaches pensionable age when they reach age 66 and 6 months on 10th March 2027; and
an individual born on 22nd January 1961 reaches pensionable age when they reach age 66 and 10 months on 22nd November 2027.
There are three instances during the transition period where an individual may be born in a calendar month which has more days than the relevant month in which he or she would reach pensionable age. Section 26(3) provides when those individuals will reach pensionable age. For example, an individual born on 31st July 1960 cannot reach pensionable age of 66 and 4 months on 31st November 2026 because November only has 30 days. He or she will therefore be treated as reaching pensionable age on 30th November 2026.
