State Pension Age to 68

July 26th, 2017

The government has now confirmed plans to increase the state pension age to 68 between 2037 and 2039, in line with proposals laid out in the Cridland report.

The state pension age is currently set to increase to 68 between 2044 and 2046, but under new proposals this would be brought forward seven years.

The Department for Work and Pensions (DWP) said that, when the state pension was introduced in 1948, a 65-year-old could expect to spend 13.5 years in receipt of it, which would equate to around 23% of their adult life.

However, this has been increasing ever since due to changes in life expectancy and a modern-day 65-year-old can now expect to live for another 22.8 years – or a third (33.6%)of their adult life.

The latest projections from the Office for National Statistics suggest the number of people eligible for the state pension in the UK is expected to grow by a third between 2017 and 2042, from 12.4 million to 16.9 million.

In March, John Cridland published his report on the state pension age, whichrecommended the state pension age increase to 68 by 2037 to 2039. His report also proposed the triple lock should be scrapped in the next parliament.

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