The state pension qualifying rules are undergoing changes, with many people facing a longer wait to claim their pension. Retirement experts fear there could be another uplift of the state pension age, and sooner than expected.
Pressure to accelerate the increase
The state pension age is currently climbing from 66 to 67, between April 2026 and April 2028. Laws are also on the books for another increase, from 67 to 68, between 2044 and 2046. But pressure is mounting for policymakers to bring forward the move to 68. A previous independent review published in 2023 suggested moving this forward to between 2041 and 2043.
A recent OBR report suggested it could take place even sooner, with the move to 68 potentially completed by 2039. But the team at pension provider Aegon is firmly against such an idea.
'Hitting the most vulnerable hardest'
Kate Smith, head of pensions at Aegon, said: "Rumours persist that the shift to age 68 will be brought forward to the late 2030s. Accelerating this timeline is an incredibly bad idea that will unfairly shock the system and hit the most vulnerable hardest.
"It should be recognised that increasing the state pension age benefits the wealthiest most as they tend to live longer, not those necessarily in the most need."
Early access system
Ms Smith also argues that a single, rigid retirement age no longer fits the reality of modern life. To prevent older workers from falling through the cracks, Aegon is advocating for a flexible early access system that would allow people to claim their state pension payments up to three years early.
Highlighting the need for a fairer approach, Ms Smith said: "We need a system that offers realistic choices, that better reflects people's lives, not a cliff-edge. An early access system could provide a vital financial bridge.
"Savers could choose to draw their state pension up to three years early at a reduced weekly rate." She said that while flexible access should be available universally, it would specifically serve as a crucial safety net for more vulnerable workers.
She said: "This flexibility should be open to everyone, but it is explicitly designed to throw a lifeline to manual labourers, carers, and those battling ill health who physically cannot work until 67 or 68."
Check your state pension status
Workers concerned about how upcoming changes will impact their retirement timeline can check their official state pension age using the 'Check your State Pension age' tool on the Government website. To review your projected payout amounts or to see if entitlements can be boosted, you can use the 'Check your State Pension forecast' page available on the gov.uk website.
