The state pension is a fund which is available to retirees who have reached a certain age.
This pot of money is something Britons pay into during their working life, through national insurance contributions.
Once they reach the state pension age, retirees can claim the state pension – but this age depends on a number of factors: such as your birth date and your sex.
In the past, men have had to wait longer to qualify for their state pension than women – but today marked the first day of so-called “pension equality”. So what does this mean?
In the past, the age that men and women could claim their state pension was different.
More than 25 years ago, under John Major’s government, a move was made in order to equalise the male and female ages, and over the years, this has gradually been phased in.
Up until 2010, women could claim their state pension at the age of 60, while the male state pension age was 65.
Any woman who celebrated their 65th birthday today, also reached the state pension age.
Likewise, a man who turned 65 today, also reached state pension age.
However, while today marked the first day that the two sexes could claim their pension at the same age, there’s more change ahead.
The exact date you can claim your pension depends on when you were born. Calculate your state pension age using the government tool.
From now on, the state pension age will rise for both men and women in tandem.
This means that by October 2020, the state pension age will be 66.
And, by 2028, retirees must be 67-years-old in order to make a claim.
Work out how much state pension you could get – and how to increase it – using the government calculator.
That’s not all to consider when it comes to state pensions, as the date you were born will affect which type of state pension you are eligible for.
Men who were born before April 6, 1951, and women who were born before April 6, 1953, are able to claim the basic state pension.
Those born after those dates are eligible to claim the new state pension, once they reach their state pension age.
This excludes anyone who was born after these dates but reached state pension age before April 6 2016 – who would instead get the basic state pension.