Under the Department for Work and Pensions (DWP), State Pension age is set to start increasing from 66 to 67 next year.
DWP state pension set for big change which will impact millions of people
The State Pension is set to change – and set to impact millions of people. Under the Department for Work and Pensions (or DWP), State Pension age is set to start increasing from 66 to 67 next year.
The increase is expected to be fully implemented for all men and women across the UK by 2028. Patrick Thomson, Head of Research Analysis and Policy at Phoenix Insights, commented: “The State Pension remains at a critical juncture with questions remaining over its long-term affordability and the future of the Triple Lock.
“Projections suggests there will be five million more State Pensioners in the UK by 2070 compared to just one million more people of working-age.”
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Mr Thomson added: “Accelerating the State Pension age could mitigate some of the cost challenge, but recent life expectancy projections are less optimistic making policy change potentially more difficult.
“Bringing forward the State Pension age increase to age 68 to the early 2040s would impact nearly three million people and not everyone will be able to work to a later State Pension age.
“We are expecting another State Pension age review in this parliament which should offer more clarity on the timetable of the future increase to age 68.”
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.
The State Pension age is regularly reviewed, so the results of this tool may change in the future.
You can keep working past the State Pension age. ‘Default retirement age’ (a forced retirement age of 65) no longer exists.
You can check your State Pension Forecast to calculate how much you could get. The online calculator to check your State Pension age is available on the GOV.UK website too.