The Department for Work and Pensions has confirmed the age to qualify for your State Pension is to increase by another two years. The current retirement age stands at 66 for both men and women but is regularly reviewed to make it "affordable and fair".
The DWP had previously said the review was because "when the State Pension was introduced in 1948, a 65-year-old could expect to spend 13.5 years receiving the benefit, around 23 per cent of their adult life". But, this has been increasing ever since and it is now estimated that a 65-year-old can expect to live for another 22.8 years, or 33.6 per cent of their adult life in retirement, Leicester Mercury reports.
Latest projections show the number of people over State Pension age in the UK is expected to grow to 16.9 million in 2042. This second review will consider whether the rules around pensionable age are appropriate, based on the latest life expectancy data and other evidence.
