The UK Government is expected to publish a review of the state pension age in May to evaluate if the retirement age is appropriate based on factors including the latest life expectancy data. The increase to 67 is planned to occur between 2026 and 2028 but the timetable for an increase to 68 between 2044 and 2046 could occur up to 11 years sooner, with the Sun reporting that it may be introduced as early as 2035.
A Department for Work and Pensions spokesperson recently told Express.co.uk: “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.”
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Senior pensions and retirement analyst at Hargreaves Lansdown, Helen Morrissey said: “With the number of older people continuing to rise there is a real imbalance when it comes to younger people in the workforce supporting a burgeoning ageing population and the sums don’t add up.”
Chancellor Jeremy Hunt said during his Autumn Statement in November that that state pension would increase by 10.1 per cent in line with inflation under the triple lock. This ensures pensioners are paid fairly in line with the highest rate of inflation. Currently, the full state pension is £185.15 a week, while the basic state pension pays £141.85 a week. In April, this will increase to 203.85 and £156.20 each week.
Pension age is not only an issue in the UK. French President Emmanuel Macron is facing nationwide strikes and protests over his pension reforms to raise the retirement age from 62 to 64.
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