The Department for Work and Pensions could bring forward the date that the state pension age increases from age 66 to 68. An increase in the state pension age is set to be from 66 to 67 by 2028, and eventually 68, has already been planned. However, there have been suggestions the age increase could be brought forward.
The Pensions Act 2014 requires the Government to regularly review the state pension age. The review is expected to conclude on May 7, 2023.
Currently, the state pension age is 66 and two further increases are set out in legislation. There will be a gradual rise to 67 for those born on or after 1960, and a gradual rise to 68 between 2044 and 2046 for those born on or after April 1977, reports The Liverpool Echo.
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However, the review is considering whether the increase to age 68 should be brought forward. Rumoured dates for this have varied from 2035 to 2039.
In December 2021, the Department for Work and Pensions explained why it was reviewing a potential increase.
The DWP said in January no decision had been taken on changes to the state pension age. John Cridland, who previously carried out a review into state pension age, said he was against bringing the state pension age forward.
Speaking to a committee of MPs, he said that he had not been actively involved in the debate since: "But as I understand what's happened since, whereas in the 100 years up to around 2012 to 2014, we were seeing increases of the order of three years longevity per decade, in the last decade it's more been in the order of half a year per decade."
He added: "I think we're still in this position that we know the pace of increase is slowing, but, the reasons, we don't yet have enough evidence."
He said: "I felt that there was a limit to how far one could bring forward a pension increase, an age increase, to 68, and I could not in good conscience recommend doing that before 2037 to 39, which was earlier than the previous policy position of (2044 to 2046), because that had been overtaken by longevity increases, but for all the reasons said... I felt that's as far as I could go."
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