State pension retirement age could be set to increase to 68 by the 2030s

by 24britishtvJan. 25, 2023, 7 p.m. 16
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The age when people qualify for state pension could rise to 68 by the end of the 2030s, reports claim.

Millions of people who were born in the 1970s could end up being told they have to work for longer, The Sun reports.

A review into whether the rules around the state pension age remain appropriate will be published early this year.

Currently, the state pension age is 66, with this being due to rise to 67 by 2028.

The planned move to raise it to 68 was not due to happen until 2046, but The Sun claims the upcoming review will say that should be brought forward.

An upcoming review into the state pension could look into increasing the age sooner

Part of the reason this move could take place is so that it could bring in billions for the UK economy as they try to support an ageing population.

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown said: “The Government faces a tricky balancing act with the state pension – we have fewer working age people supporting an increasing ageing population and costs are enormous.

“However, we also have to face the very real prospect that many people simply are not well enough to work until age 68.

“Added to this, rapid increases in state pension age have disrupted people’s financial planning.

“With the debate around the triple lock continuing to rage we need to have a proper thorough review of state pension to give people more certainty over how and when it is paid so they can plan ahead.”

A Department for Work and Pensions (DWP) spokesperson said: “No decision has been taken on changes to the state pension age.

“The Government is required by law to regularly review the state pension age and the second State Pension Age Review is currently considering, based on a wide range of evidence including latest life expectancy data and two independent reports, whether the rules around state pension age remain appropriate.

“The review will be published early this year.”

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