A longer wait for your State Pension?

The Department for Work and Pensions (DWP) has launched a review to consider whether the State Pension age remains appropriate. The review is a requirement under the Pension Act 2014 and must be published by 7 May 2023.

The State Pension age is currently 66, with two further planned increases to 67 and then 68 over the next 25 years. However, the first review of State Pension age in 2017 concluded that the next review (i.e. this one) should consider bringing forward the increase to age 68 to 2037-39.

The DWP states the review will:

  • examine the implications of the latest life expectancy data;
  • provide a balanced assessment of the costs of an ageing population and future State Pensions;
  • consider the changes in the labour market and people’s ability and opportunities to work over State Pension age;
  • develop options for setting the legislative timetable for State Pension that are fair and transparent.

The Government states that as the number of people over State Pension age increases, it needs to ensure that decisions on managing costs are fair and transparent for taxpayers both now and in the future.

Or click here to take a look at our Retirement Planning Guide.

The information in this article is correct as of 25/01/2022.