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Government proposes new timetable for State Pension age increase

The government has proposed a new timetable for the rise of the State Pension age to 68, in line with continuing increases in life expectancy.

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Under the current law, the State Pension age is due to increase to 68 between 2044 and 2046.

 

Following a recent review, the government has announced plans to bring this timetable forward, meaning the State Pension age would increase to 68 between 2037 and 2039.

 

These proposed changes need to be approved by Parliament before they are agreed.

 

When the State Pension was introduced in 1948, a 65-year-old could expect to spend 13.5 years in receipt of it – around 23% of their adult life. This has been increasing ever since. In 2017, a 65-year-old can now expect to live for another 22.8 years, or 33.6% of their adult life.

 

Latest projections from the Office for National Statistics show that the number of people over State Pension age in the UK is expected to grow by a third between 2017 and 2042, from 12.4 million in 2017 to 16.9 million in 2042.

 

The proposed changes were informed by the independent recommendations made by John Cridland CBE in March 2017.

 

No one born on or before 5 April 1970 will see a change to their current proposed State Pension age.

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