Work and Pensions Secretary Mel Stride has warned of a "pretty hairy" impact on public finances as the government weighs up whether to increase the state pension age. The latest chancellor Jeremy Hunt announced in his Autumn statement that the state pension age will be reviewed, prompting fears it could be raised sooner than previously planned.
The official retirement age, which is the earliest you can start claiming your state pension, is currently 66 for men and women, reports Leicestershire Live. An increase in this age would mean people who currently work likely won't be able to retire until they are old than that.
It's thought that the review could recommend that already planned rises in state pension age - to 67 between 2026 and 2028, and to 68 between 2044 and 2046 - could be brought forward. Mr Stride this week said that life expectancy, the cost of the state pension and "intergenerational fairness" were being considered as part of an ongoing review, which would be published within six months.
