Increase to 68 over two years from 2037 to 2039
Previously, the UK’s state pension age was set to rise to 68 between 2044 and 2046. However, the government has announced plans to bring the rise forward. It has also said that the new age would provide greater fairness for both generations.
Last year, former CBI director general John Cridland was appointed to carry out an independent review of the state pension age. His report suggested that the age should be increased to 68 by 2039. The rise would help to reduce the amount of unsustainable costs for the state pension. He also recommended that the government should make no more than one increase per decade.
Work and Pensions Secretary David Gauke has announced plans to bring the increase forward. He said that the rise would provide a clearer timetable for those planning their retirement. He said that the changes would save PS400 per household. However, he added that the changes would take two years to implement.
The Office for National Statistics has recently released its latest projections. It has found that the number of people over the age of 65 will rise by more than three million between 2017 and 2042. This would mean that people would have to wait a year longer to claim their state pension.
The Department for Work and Pensions (DWP) will carry out a review between now and spring 2023. This would allow the government to assess the current rises in the State Pension …Changes to the State Pension Age Read More