The State Pension age is set to increase from 66 to 67 in 2026, a change that was announced over a decade ago. This increase will be fully implemented for both men and women by 2028. Additionally, there is a planned further increase from 67 to 68 between 2044 and 2046.
Who is affected?
Individuals born between March 6, 1961, and April 5, 1977, will be eligible to claim the State Pension once they reach 67. The Department for Work and Pensions (DWP) will send letters to all those affected by these changes.
Government review
The Pensions Act 2014, which raised the State Pension age, also adjusted its phasing. A government review, due to report in March 2029, will consider whether the age should be increased further. The review was announced by the DWP and will include an independent report led by Dr. Suzy Morrissey, along with an examination of life expectancy projections by the Government Actuary's Department.
Expert opinions
Rachel Vahey, head of public policy at AJ Bell, commented: "An increase to state pension age from 66 to 67 is already slated to happen between 2026 and 2028. But it’s less clear what will happen after that. There is also an increase to age 68 pencilled in for 2046, but a faster increase is definitely on the cards."
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, noted: "There will be many factors that need to be assessed during this review of the state pension age. One of the most important will be healthy life expectancy which according to the latest data hovers in the early 60s."
