Men and women can currently retire and receive state pension at the age of 66. Under government plans that age would rise to 67 this decade, and 68 as early as 2039. Two reviews of these dates are under way.
Ms Truss is under pressure to find savings to pay for her tax-cutting economic growth plan and to get the UK’s national debt falling. She has guaranteed that state pensions will continue to increase in line with wages. But she has not ruled out real-terms cuts in working age benefits such as universal credit, saying the government has not decided whether to link rises to inflation or not.
A review chaired by Conservative peer Baroness Neville-Rolfe is looking at what factors the government should take into account when setting the pension age. At the moment, the age limit is based on ensuring no-one spends more than one third of their adult life in retirement. A separate review by the government’s actuary is examining the latest life expectancy data. They are due to report back to the government on 7 May next year.
Asked at the Tory conference in Birmingham if she was going to end up raising the age at which people can claim the state pension age beyond 67, she said: “You’re asking me to speculate all kinds of decisions that haven’t yet been made.”
When we finally do find out how LT is going to “pay for economic growth” there may be shrieks of derision, howls of laughter and tears of despair …
State Pension age is currently 66 and two further increases are currently set out in legislation: a gradual rise to 67 for those born on or after April 1960; and a gradual rise to 68 between 2044 and 2046 for those born on or after April 1977. The first Review of State Pension age was undertaken in 2017 and concluded that the next Review should consider whether the increase to age 68 should be brought forward to 2037-39 before tabling any changes to legislation.
The State Pension age is the earliest you can claim your State Pension. Your State Pension age depends on when you were born.
There are some changes to the State Pension age at the moment. For people reaching State Pension age now, it will be age 66 for women and men.
For those born after 5 April 1960, there will be a phased increase in State Pension age to 67, and eventually 68.
“The Pensions Act 2014 requires government to regularly review State Pension age, and in accordance with law, THIS LATEST REVIEW MUST BE PUBLISHED BY 7 MAY 2023.”
“State Pension age is currently 66 and two further increases are currently set out in legislation: A GRADUAL RISE TO 67 FOR THOSE BORN ON OR AFTER APRIL 1960; and a gradual rise to 68 between 2044 and 2046 for those born on or after April 1977. The first Review of State Pension age was undertaken in 2017 and concluded that the next Review should consider whether the increase to age 68 should be brought forward to 2037-39 before tabling any changes to legislation.”
That doesn’t look too bad. In the UK, currently, when you reach 66, you stop paying the BEDROOM TAX! I look forward to getting past my next birthday!
I still have many years to go before I “retire” so I’m kind of hoping she doesn’t raise the age. But with Jacob tearing up the workers rights in many businesses, I’m thinking it will be a struggle for many working people to actually retire
Yes, if Jrm gets his way you can kiss goodbye to holiday pay, bank holidays, redundancy pay, and expect to work 12 hour days( at least) maybe more if the boss doesn’t like you.
What gets me though is, how healthy will these older workers be, actually? Its all very well raising the retirement age, but if you are ill or become ill during your later working years, what help will you get?
It worries Me a lot,My Son is 61,has worked hard all of His
Life since leaving School/College…been made redundant twice…now he has been diagnosed with osteo arthritas in His knees (same as His Mum,Me)…he’s been a bit of a mountain climber/hill walker…but now he;s worried if he’ll make it to keep working until Pension age…I was lucky in being able to stop work at age 61 and claim My State pension…God help Those like Him who may not make it.
Gah! OsteroArthritis is so painful, May, I’m sorry he’s going through that…its terrible that the “rug” is being pulled out from under our feet like this, on the whims of an insane govt who think they know better and couldn’t care less if you do or don’t. They say it’s “around” 65 or so, but dependent on age, gender, etc. I was told officially that I had about 15 years yet because I had to make up time I missed through illness, and that was pre-covid, so goodness knows what the situation will be.
Hopefully we will get a change happening before then though, eh?
