State Pension Age May Go Up Again

State Pension Age May Go Up Again.

We have still not suffered the full impact of state pension age increases to 67 and 68 but as legislated for in 2014, the government is now preparing for the next State Pension Age Review.

The Pensions Act 2014 requires that the UK state pension age is reviewed during each Parliament. Some of you may remember that when the latest state pension ages were increased the government confirmed that future state pension age increases would be linked to life expectancy.

Today, the Pensions Minister, Ros Altmann confirmed that John Cridland CBE and has been appointed as the independent reviewer for any changes to State Pension Age. Mr Cridland will report to the Secretary of State for Work and Pensions.

The report and recommendations are due to be presented to the government by May 2017.

Comment

We are living longer. The state pension age will increase. This highlights the need for as all to plan our retirement carefully. Any person who is due to retire before 2028 is unlikely to be affected by any recommended changes. Therefore, if you are below the age of 55 you may have to wait even longer for your state pension.