State pension age rise to 68 will not be brought forward yet
The government is to announce it will not currently bring forward the date the state pension age will rise to 68.
The work and pensions secretary is expected to tell MPs on Thursday that now is not the time to make the change. A decision is expected in 2026, after the next general election.
The state pension age of 66 is due to rise to 68 from 2044.
A previous government review in 2017 had suggested the rise could be brought forward into the late 2030s.
By law the government is required to examine planned changes to the system every six years, and the latest review takes into account factors such as the costs involved and life expectancy, which is no longer due to rise as quickly as previously projected.
Work and Pensions Secretary Mel Stride will make a statement in the House of Commons later to confirm the conclusions of the latest statutory review on the pension age.
The Daily Express newspaper, where the story first appeared, said Mr Stride would announce a new review to be carried out after the next election.
A review – which is required by law – by Baroness Neville-Rolfe was looking at what factors the government should take into account when setting the pension age.
At the moment, the age limit is based on ensuring no-one spends more than one third of their adult life in retirement. A separate review by the government’s actuary was examining the latest life expectancy data.
State pension increases currently set out in legislation are:
- A gradual rise to 67 for those born on or after April 5, 1960
- A gradual rise to 68 between 2044 and 2046 for those born on or after April 5, 1977