New analysis by retirement specialist Just Group suggests an unconfirmed, but widely expected acceleration of the State Pension age increase to 68 by 2037-39 will affect around 5.8 million people. Secretary of State for Work and Pensions, Mel Stride MP announced earlier this week that the review of the State Pension age is “under way”.
He told MPs he will consider a wide range of evidence, including two independent reports, to assess whether the “rules on pensionable age remain appropriate”. But Just Group warns the UK Government may announce plans as early as next week to hasten the shift in State Pension age even more quickly than it has so far indicated, impacting over 910,000 people for each extra year the rise to 68 is brought forward.
The State Pension age is currently set for a phased increase to 67 over the next five years before a legislated rise to 68 which is due to be phased in between 2044 and 2046 under the Pensions Act 2007.
