THE government has delayed a huge change to the state pension age.
In the House of Commons today, it was announced that plans to raise the state pension age to 68 have been delayed.
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Work and Pensions secretary Mel Stride addressed MPs in the Commons today (March 30).
He said that while the life expectancy is still rising, it is doing so at a much lower pace.
That, plus other factors such as the pandemic and Russia-Ukraine war, he felt it would appropriate to review the rise to 68 again at a later date.
The current age which people can claim a state pension – which is 66 – is due to rise to 67 by the end of 2028.
It is currently scheduled to rise to 68 between 2044-46, although the government had previously stated its intention to bring it forward to 2037-2039.
A decision is now expected to be made in 2026 following the next general election.
An official review is due to look again at the pension ages by May.
Commenting on the news, Andrew Tully, technical director at Canada Life said: “It is understandable why the Government has delayed this decision.
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“However, with the cost of state pensions increasing and the current position of UK finances, we need a proper debate on the future of the state pension.
“Increases to life expectancy have not only slowed but projected to go into reverse since the last review.”
The Sun revealed earlier this year that ministers were locked in discussions about bringing the rise to 68 forward – currently it’s pencilled in for 2044.
Some ministers were pushing to bring it forward to as early as 2033.
A previous review recommended bring it to between 2037 and 2039 as people were living for longer, and therefore needed to work for longer to put extra cash into their pots.
The state pension bill is set to balloon from £110billion this year to £150billion within the next five years alone, the Office for Budget Responsibility have warned.
But the DWP were resistant to raising the age again – as life expectancy has plateaued in recent years.
It could mean some people dying before they are able to access their hard-earned pots.
How can I work out my current state pension age?
You can use the state pension checker tool on Gov.uk.
The government tool is there to help you find out how many years of contributions you have, how much state pension you’ll get and the exact date on which you’ll receive payments.
It’s important to note that you can retire at any time, but you need to have a personal pension or retirement plan in place.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
