Bluebell Mortgages
  • First Time Buyer

    Bluebell Mortgages are expert mortgage brokers and have a detailed knowledge of mortgage lenders’ and first time buyer mortgages.

    Moving Home

    We can inform you of all the likely fees associated with a house move, identify your current position and calculate your likely required loan amount.

    Remortgaging

    If you already have a mortgage and your current deal is due to expire in the next 6 months, we can help find you the most effective deal for you.

    Buy To Let

    We have a vast experience of the Buy To Let market and are able to offer our clients detailed advice on the correct method of funding potential purchases.

    Shared Ownership

    An effective way for first time buyers to get on the property ladder, it can considerably reduce the amount needed for a deposit.

    Specialist Finance

    Bluebell Mortgages have specialist advisors who can assist you with your first or next commercial or self-build development.

    Older Borrower

    The days of retiring at 65 are disappearing fast, people are living longer and borrowers are getting older.

    Insurance

    This can range from Life Assurance to protect your mortgage or family, Critical Illness cover, Income Protection and General Insurance.

  • FAQ's

    We’ve collated our most frequently asked questions below, but if there’s a question on your mind that we haven’t covered, please get in touch.

    Success Stories

    We’re passionate about helping people get to where they want to be on the property ladder. Our customers share their stories of how we helped them.

    Knowledge Base

    Here we can share with you our many years of industry experience & knowledge so that you can feel confident and prepared for your mortgage journey.

    News

    We regularly post about all things in the Mortgage world and other industry information. We also post about what's going on at Bluebell Mortgages.

Bluebell Blog & News

Pensions – when will you be able to get yours?

Request a call back

"*" indicates required fields

By clicking Send Request you are agreeing to the terms and conditions of our Website’s Privacy Policy and are consenting for us to contact you using these details.
This field is for validation purposes and should be left unchanged.

Pensions will rise by 10% this year1 but the cost of maintaining the state pension is becoming unsustainable for the UK Treasury. For those of us who have maintained our belief in the automatic right to a pension when we reach retirement age, we may have to alter our expectations.

The Government has recently published a report on the sustainability of the state pension2 in the future and it does not make optimistic reading. The major finding simply states that in its current form, the state pension is too costly. Either the state pension age will have to rise rapidly, which is likely to hit the under 40s especially hard, or the ‘triple lock’ – the automatic mechanism that ensures pensions increase in line with whichever is higher — prices, earnings or 2.5 per cent, will need to be axed.

No action is expected on this until after the next General Election in 2024, and this will be a controversial topic for the Government of the time, especially as the decision will affect so many, for years to come. The current minimum age of retirement in the UK is 66 years, depending on your current age3. It’s likely that the younger you are, the longer past 66 you will be entitled to receive the state pension, but you can check your present status on the Government website at https://www.gov.uk/state-pension-age

The time you can receive your pension will rise to 67 between 2026 and 2028. In fact, between 2010 and 2028 women will actually have seen the state pension age increase by seven years4.

If you were born after 5th March 1961 and are 62 or younger today, you will not be entitled to a payout until you are at least 67. The next increase to age 68 is not planned until 2046 but with the growing recognition that the state pension is becoming unaffordable, it is rumoured that the Government is considering bringing that forward. As it stands, someone currently aged 45 or younger won’t get their state pension until aged 684.

The Government aims to limit the rise in state pension costs between now and 2070 to 6 per cent of GDP (Gross Domestic Product). In order to achieve that either the state pension age will have to go up or the ‘triple lock’ will have to be scrapped and millions of pensioners would see their standard of living fall as incomes fail to keep pace with the cost of living4.

Sources

  1. The Time Money Mentor (2023) State pension increases 2023. Available at: https://www.thetimes.co.uk/money-mentor/article/state-pension-increase/ (Accessed 22nd May 2023)
  2. HM Government Department for Work & Pensions (2023) State Pension Age Review 2023. Available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1147389/state-pension-age-review-2023.pdf (Accessed 22nd May 2023)
  3. Gov.UK (2023) Check your State Pension age. Available at: https://www.gov.uk/state-pension-age (Accessed 22nd May 2023)
  4. Beard, J. (2023) When will you get your state pension?. Available at https://www.thisismoney.co.uk/money/pensions/article-11961943/So-state-pensions.html (Accessed 22nd May 2023)

All the information in this article is correct as of the publish date 25th May 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Share This Post

More To Explore

How can we help?  Call us on 01473 213312