Plans to bring forward a planned rise in the State Pension age to 68 have reportedly been put on hold amid falling life expectancy across the UK and fears of a backlash from middle-aged voters. The Financial Times reports that ministers have now decided to delay a decision on the increase until after the next general election.
State Pension age is currently 66 for both men and women and is due to rise to 67 between 2026 and 2028, with a further rise to 68 planned between 2044 and 2046. However, reports earlier this year suggested that the UK Government wants to bring the rise to 68 forward to the late 2030s.
The Financial Times also reports that ministers had expressed concerns about “ordinary voters” resenting having to work for longer after Chancellor Jeremy Hunt has just “relaxed the tax rules on pensions for the wealthy” with the scrapping of the lifetime allowance. The paper quoted one UK Government insider as saying: “They were gung-ho to raise the pension age. But they got cold feet.”
