The Government is considering plans to increase the State Pension age to 68 seven years ahead of its original schedule. The State Pension age was planned to increase to 68 between 2044 and 2046 - but now the Government is looking at recommendations in an independent review to implement the increase between 2037 and 2039.
The report, by by John Cridland, former Director-General of the Confederation of British Industry (CBI), made the recommendation because of the impact of an increasing number of older people from the Baby Boomer generation (born 1945–65), along with a rise in life expectancy.
Recent projections from the Office for National Statistics (ONS) are that the number of people over State Pension age in the UK is expected to grow by one third, from 12.4 million to 16.9 million, by 2042. But at the same time, the number of working-age people, whose National Insurance contributions fund the State Pension, will start to go down, reports Birmingham Live.
