The State Pension age is set to start rising from 66 to 67 next year, with the increase due to be completed for all men and women across the UK by 2028. The planned change to the official age of retirement<\/a> has been in legislation since 2014 with a further rise from 67 to 68 set to be implemented between 2044 and 2046.<\/p>\n An important milestone in the review passed recently when the call for evidence to identify the key factors the UK Government <\/a>should consider when deciding the future State Pension age closed on October 24.<\/p>\n READ MORE: New calls to increase State Pension to \u00a32,888 to everyone over 66<\/a>READ MORE: New State Pension rates from April could push more older people over tax threshold<\/a><\/p>\n Retirement experts have warned that it is crucial the independent report takes into account an ageing population, levels of private saving and ensure it is based on a balance between fairness, adequacy and sustainability.<\/p>\n They also suggest that people should be given at least 12 years\u2019 notice before any State Pension increases, so they can plan ahead. Another suggestion is that people should be given the option to \u201ctake it a little early, subject to a reduction in yearly amount to make it financially fair\u201d.<\/p>\n Steven Cameron, Pensions Director at Aegon UK<\/a>, said: \u201cThe third independent review into the State Pension age is exploring how changes in life expectancy, along with other factors should be reflected in future changes to the State Pension age. The State Pension Age is increasing to 67 by 2028, with a further increase to 68 pencilled in for the early 2040s.<\/p>\n \u201cAlongside private and workplace pensions, millions of people rely on the State Pension as the bedrock for their retirement income. But this very valuable benefit comes at a high cost, covered on a \u2018pay as you go basis\u2019 from taxes and National Insurance of today\u2019s workers.<\/p>\n \u201cThe overall State Pension costs depend on how many years people receive it for. When life expectancy is improving, there\u2019s always pressure to increase the State Pension Age. But the other key factor is the yearly amount, which is currently increased each year in line with the Triple Lock. Life expectancy is one, but not the only factor, to take into account.\u201d<\/p>\n He continued: “The Government instructed the review to assume the Triple Lock will continue indefinitely. This will add pressure to increase the State Pension age further and faster, despite needing to be reformed at some point to stop state pensions eventually catching up with average earnings. We\u2019ve urged the review team to look at different scenarios here.<\/p>\n “n increase in life expectancy across the population can hide many disparities between groups based on individuals\u2019 health. It\u2019s also recognised that average life expectancy varies hugely between different parts of the country, reflecting different socio-economic conditions and opportunities.<\/p>\n “Those with the lowest life expectancies suffer most from an increase in State Pension Age – having to wait an extra year is a bigger loss if you have say 5 years to live, compared to someone with 30 years ahead.”<\/p>\n The independent review will also explore whether the UK should follow some other countries and introduce an \u2018Automatic Adjustment Mechanism\u2019 for State Pension age.<\/p>\n Cameron warns this would take decisions away from politicians, saying \u201cthis needs to be treated with caution\u201d.<\/p>\n He continued: \u201cThe Triple Lock automatically adjusts the State Pension amount, so a further mechanism that automatically adjusted the State Pension age would leave future governments with very little means of controlling future costs.<\/p>\n \u201cThe age at which you can draw your State Pension has a huge impact on individual retirement plans, even for those with substantial private or workplace pensions.<\/p>\n \u201cWe believe people should be given at least 12 years\u2019 notice before any increases, so they can plan ahead. We also believe that if the State Pension age increases further, people should be given the option to take it a little early, subject to a reduction in yearly amount to make it financially fair.\u201d<\/p>\n Check your State Pension age online<\/p>\n Your State Pension age is the earliest age you can start receiving your State Pension. It may be different to the age you can get a workplace or personal pension.<\/p>\n Anyone of any age can use the online tool at GOV.UK to check their State Pension age, which can be an essential part of planning your retirement.<\/p>\n You can use the State Pension age tool to check:<\/p>\n When you will reach State Pension ageYour Pension Credit qualifying ageWhen you will be eligible for free bus travel – this is at age 60 in Scotland<\/p>\n Check your State Pension age online here.<\/a><\/p>\n Join the conversation on our Money Saving Scotland Facebook group<\/a> for money-saving tips, the latest State Pension and benefits news, energy bill advice and cost of living updates.<\/p>\n Sign up to our Record Money newsletter and get the top stories sent to your inbox daily from Monday to Friday with a special cost of living edition every Thursday – sign up here<\/a>.<\/p>\n You can also follow us on X (formerly Twitter) @Recordmoney_<\/a> for regular updates throughout the day or get money news alerts on your phone by joining our Daily Record Money WhatsApp community<\/a>.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/08\/0_DR-MOney.png\")
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