Future retirees urged to prepare for planned State Pension changes

Summarised from 4 outlets · Updated 7 Oct, 10:37 · Archive

Labour plans to change how the State Pension rises after April 2030, with experts urging future retirees to check their finances now.

Prime Minister Andy Burnham announced at Labour Party Conference that the current State Pension triple lock will remain in place until April 2030. After that, Labour plans to change the way the State Pension rises, with the new system set to use inflation or 2.5%, whilst maintaining its value relative to earnings over time.

The change would depend on Labour winning the next general election. Experts have urged future retirees not to panic or make rushed decisions in response to the announcement.

Sophie Graham, personal finance expert at Sunny, said the announcement was a useful prompt for people to check their retirement finances. She advised finding out how much State Pension could be received, when it can be claimed and whether there are steps to increase it. 'Having that figure in front of you means any decisions you make are based on facts rather than guesswork,' Graham said.

Gaps in National Insurance records can reduce State Pension entitlement. People should check whether they have missing years and whether they could benefit from making voluntary contributions, though there are time limits for doing so.

Experts recommend working out roughly how much will be needed to cover essentials such as housing, bills and food, as well as holidays and hobbies, to determine whether pensions and savings are likely to cover costs.

Workplace pensions could be among the biggest retirement assets. Graham advised checking how much is being paid in by both employee and employer, and whether the employer will match additional contributions. Even a small increase can make a difference over years of saving ahead.

How it is being reported

• Future retirees urged to take nine steps before planned State Pension changeRetiring after 2030? From checking your State Pension forecast to finding lost pensions, these are nine steps experts say you can take now.Westmorland Gazette · 7 Oct, 10:21
• Future retirees urged to take nine steps before planned State Pension changeRetiring after 2030? From checking your State Pension forecast to finding lost pensions, these are nine steps experts say you can take now.NW Evening Mail · 7 Oct, 10:21
• Future retirees urged to take nine steps before planned State Pension changeRetiring after 2030? From checking your State Pension forecast to finding lost pensions, these are nine steps experts say you can take now.Whitehaven News · 7 Oct, 10:21
• Future retirees urged to take nine steps before planned State Pension changeRetiring after 2030? From checking your State Pension forecast to finding lost pensions, these are nine steps experts say you can take now.News & Star · 7 Oct, 10:21

In this story: Andy Burnham · Sophie Graham · Sunny · Labour

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