On 19 July, the Department for Work and Pensions published its review into the state pension age, proposing a new timetable for the rise to age 68. The government explains this is to maintain fairness between generations in line with continuing increases in life expectancy.
Under the proposed new timetable, the state pension age will increase to 68 between 2037 and 2039. This is earlier than the current legislation which sees a rise between 2044 and 2046. The change will affect everyone born between 6 April 1970 and 5 April 1978.
The report also recognises that:
- rises in state pension age must be part of a wider package that encourages people to plan for their retirement, enables people to work for longer where they can, and supports those who cannot work.
- there is a need to provide certainty and transparency going forward. In addition to seeking to provide adequate notice for those affected by new changes to state pension age, there must be a clear strategy for communicating future changes to help with wider financial and later life employment planning.
The timetable is in line with the recommendations
put forward to the Secretary of State for Work and Pensions by John Cridland CBE in March 2017 following his independent review of state pension age.
You can access the full report on the gov.uk