Changes to the state pension age are being phased in, requiring some individuals to wait longer before claiming the benefit. The age is gradually increasing from 66 to 67 in stages between April 2026 and April 2028. Anyone approaching retirement is urged to check their state pension age on the gov.uk website.
With the full new state pension currently worth £230.25 a week, waiting an extra year to claim could result in missing out on approximately £12,550. This gap is likely to widen as the triple lock continues to increase state pension payments each April. Under the triple lock, payments rise by whichever is highest: inflation, average earnings growth, or 2.5%.
Plans for Further Increases to Age 68
Plans are in place to raise the state pension age again, from 67 to 68, between April 2044 and April 2046. This has raised questions about whether further increases could follow. Hannah Martin, a pensions specialist and founder of Rich Retiree, believes future changes remain a real possibility and highlights two key issues.
Martin stated: "I don't think that we can rule out any potential future changes to the state pension. Realistically, the Government is in a difficult position with an aging population and a large welfare bill. And one way they may try to tackle this is by increasing the age again later on."
Life Expectancy Plateauing as a Counter Factor
However, Martin noted that one key factor could make further increases less likely. She explained: "With life expectancy plateauing after a drop between 2019 and 2021, this could be an issue. The Government has a legal responsibility to ensure that the state pension age is appropriate, and that, on average, people can expect to spend a specified proportion of their adult life in retirement. So while there is no official cap on the state pension age, the Government can't keep increasing it forever."
According to the latest Office for National Statistics (ONS) data, life expectancy at birth in the UK between 2022 and 2024 was 83 years for women and 79.1 years for men. Life expectancy increased steadily for decades before improvements slowed around 2011. During the pandemic, life expectancy fell but has since recovered to pre-pandemic levels.
Independent Review Recommendations
A 2023 independent review of the state pension age, led by Baroness Neville-Rolfe, suggested that there should be a "fixed proportion" of adult life during which people can expect to receive the state pension, set at "up to 31 per cent of adult life." Based on this measure, the review recommended that the increase from 66 to 67 should proceed as planned, while the rise from 67 to 68 should be brought forward to between 2041 and 2043. The Conservative Government at the time chose not to implement these recommendations.
