People aged 55 and under may need to wait longer before claiming their State Pension if the UK Government opts to accelerate the next planned rise in the retirement age. A pensions expert has cautioned that mounting strain on public finances might result in the State Pension age reaching 68 sooner than presently outlined.
According to current legislation, the State Pension age is climbing from 66 to 67 between April 2026 and 2028. A subsequent increase to 68 is due to occur between 2044 and 2046.
Expert warns of fast-tracked rise
Andrew King, pensions specialist at wealth management firm Evelyn Partners, has indicated the forthcoming rise could be fast-tracked as future administrations seek methods to handle the escalating expense of State Pension provision. His comments come after confirmation that September's Consumer Price Index (CPI) inflation rate stood at 3.5 per cent, with average earnings growth of 3.9 per cent set to dictate the State Pension uprating for April 2027 through the Triple Lock mechanism.
Mr King said: "Double or Triple Lock, the ongoing crunch in the public finances is likely to leave future governments grappling with a soaring state pension bill unless other steps are taken to restrict it. For instance, we could well see the next increase in the SP age, from 67 to 68, brought forward from the scheduled 2044/46 period, in an effort to address the affordability crisis."
"That could catch out the cohort currently 55 or younger, who might have to work longer or rethink retirement funding."
Private pension advice for younger workers
Mr King also cautioned that younger employees may need to boost their private pension contributions instead of depending solely on the State Pension, as reported by the Daily Record.
He said: "The message for younger and middle-aged workers is that they can't rely on the state pension to provide even a rudimentary living standard in retirement, and private pension savings will only become more crucial as the years go by."
Current State Pension age timetable
The State Pension age is progressively rising from 66 to 67, with the precise date individuals become eligible for payments based on their date of birth.
Those born between April 6, 1960, and March 5, 1961, will reach State Pension age at various points between their 66th and 67th birthdays.
The timetable is:
- April 6, 1960 - May 5, 1960: 66 years, 1 month
- May 6, 1960 - June 5, 1960: 66 years, 2 months
- June 6, 1960 - July 5, 1960: 66 years, 3 months
- July 6, 1960 - August 5, 1960: 66 years, 4 months
- August 6, 1960 - September 5, 1960: 66 years, 5 months
- September 6, 1960 - October 5, 1960: 66 years, 6 months
- October 6, 1960 - November 5, 1960: 66 years, 7 months
- November 6, 1960 - December 5, 1960: 66 years, 8 months
- December 6, 1960 - January 5, 1961: 66 years, 9 months
- January 6, 1961 - February 5, 1961: 66 years, 10 months
- February 6, 1961 - March 5, 1961: 66 years, 11 months
- March 6, 1961 - April 5, 1977: 67
People can check their specific retirement date using the State Pension age calculator available on GOV.UK.
When will the State Pension age rise to 68?
According to existing legislation, the State Pension age will climb from 67 to 68 between 2044 and 2046. Those born from April 6, 1978, currently face a State Pension age of 68, while people born between April 6, 1977, and April 5, 1978, fall under a phased increase.
The UK Government regularly reviews the State Pension age, which means the schedule for future rises can be reassessed. However, advancing the increase to 68 would need an amendment to current legislation.
