The government is considering bringing forward plans to increase the state pension age, potentially affecting up to five million people and leaving each of them £16,500 out of pocket.
Proposed Changes to State Pension Age
Under current law, the state pension age is set to rise to 67 by April 2028 and then to 68 between 2037 and 2039. However, the government is reportedly fast-tracking the second increase, moving it seven years earlier than originally planned. If approved, this would mean those currently aged between 49 and 55 would have to wait an extra year before accessing their state pension.
According to projections, this delay would result in a loss of £12,500 per person at current rates. But experts warn that with the Triple Lock guarantee—which ensures pensions rise by the highest of inflation, earnings growth, or 2.5%—the shortfall could grow to £16,500 if the 2.5% minimum increase continues for the next 11 years.
Expert Reaction
Dr Carole Easton, chief executive of the Centre for Ageing Better, described the potential move as “extremely worrying”. She said: “For too many people, their 60s is a time of huge financial stress, living in desperate hope they have sufficient resources to last out until state pension age. The Government should not be looking to extend this suffering.”
The think tank Standard Life Centre for the Future of Retirement added that twice as many low earners will see their household finances hit compared to high earners.
Government Response
A Treasury spokesperson denied there are plans to bring forward the age rise, stating: “The law remains to increase the state pension age to 68 in 2044. In July 2025 we announced the launch of the third review of the state pension age, as required by legislation.”
