Work and Pensions Secretary Pat McFadden has warned of potential further changes to state pension eligibility rules, as the costs of the policy continue to rise. Speaking to the Work and Pensions Committee, Mr McFadden discussed how the Government may tighten the eligibility rules to keep the policy affordable.
Rising Costs and Triple Lock Pressure
Rising costs from the triple lock mechanism and an increasing number of claimants are putting pressure on the system. The state pension age is already increasing from 66 to 67 between April 2026 and April 2028. Further increases from 67 to 68 are planned between April 2044 and 2046.
Mr McFadden acknowledged the complexity of the decisions around where to set the state pension age. He told the committee: "These are difficult decisions. You have to take into account affordability for the country, because even though it is a contributory system, it really works as a pay-as-you-go system."
Current State Pension Amounts
The full new state pension currently pays £241.30 per week, typically requiring 35 years of National Insurance contributions. Labour announced last year another review of the state pension will examine factors including life expectancy to determine future pension age adjustments. The review must be completed by March 2029, with Mr McFadden confirming the process remains on track.
