Speculation is growing that the State Pension age is set to rise earlier than scheduled
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”.
A review in 2017, led by John Cridland, recommended an acceleration of the increase in State Pension age to 68 between 2037-2039. At the time, the UK Government signalled its intentions to follow this proposal and bring forward the increase by seven years, commenting: “This is the fair thing to do.” On top of this, Just Group warns the UK Government may go even further and bring forward the increase to the mid-2030s. Accelerating the rise in the State Pension age by a decade to 2034-36 would impact a further 2.7 million people - around 910,000 people every year - taking the total number of people affected to 8.5 million.
‘Even though the increase to 2037-39 has been mooted for a long-time there are still likely to be millions of people unaware that the increase is likely. While that date may still seem a long way off for many, some people will have limited time to adjust their plans and cut their cloth accordingly.”
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