The UK State Pension age is currently rising from 66 to 67, and is scheduled to increase to 68 between 2044 and 2046. However, this timeline may be accelerated following an early review by the Department for Work and Pensions (DWP). The review, launched ahead of schedule, will determine whether the transition to age 68 should occur sooner, based on two critical factors.
Two Key Factors in the Review
The Government Actuary has been tasked with preparing a report for the third State Pension age review. The first factor examines whether the pensionable age rules remain appropriate, using life expectancy data. The second factor assesses whether individuals reaching pensionable age can expect to spend a specified proportion of their adult life in retirement.
The DWP typically conducts reviews every six years, but this early review was prompted by concerns over inadequate private pension savings. According to DWP analysis, approximately 15 million people are undersaving for retirement, particularly among the self-employed, low-paid, and some ethnic minorities.
Potential Impact on Pensioners
The DWP has warned that pensioners could be £800 poorer by 2050, highlighting the need for an early review. While the current timetable for the increase to 68 remains unchanged, the review could bring the change forward. The Government Actuary stated that the report will consider life expectancy trends, assess current legislative timings for the rise to 68, and include sensitivity analysis.
Current Timetable for State Pension Age Increase to 68
Under existing plans, the State Pension age for men and women born after April 5, 1977, will gradually rise to 68 between 2044 and 2046. The DWP has confirmed the following timetable:
- Born between April 6, 1977 – May 5, 1977: State Pension age on May 6, 2044
- Born between May 6, 1977 – June 5, 1977: State Pension age on July 6, 2044
- Born between June 6, 1977 – July 5, 1977: State Pension age on September 6, 2044
- Born between July 6, 1977 – August 5, 1977: State Pension age on November 6, 2044
- Born between August 6, 1977 – September 5, 1977: State Pension age on January 6, 2045
- Born between September 6, 1977 – October 5, 1977: State Pension age on March 6, 2045
- Born between October 6, 1977 – November 5, 1977: State Pension age on May 6, 2045
- Born between November 6, 1977 – December 5, 1977: State Pension age on July 6, 2045
- Born between December 6, 1977 – January 5, 1978: State Pension age on September 6, 2045
- Born between January 6, 1978 – February 5, 1978: State Pension age on November 6, 2045
- Born between February 6, 1978 – March 5, 1978: State Pension age on January 6, 2046
- Born between March 6, 1978 – April 5, 1978: State Pension age on March 6, 2046
- Born on or after April 6, 1978: State Pension age on 68th birthday
Government Stance on Future Changes
The DWP emphasized that any changes to the State Pension age must go through Parliament before becoming law. While the timetable for increases to 66 and 67 remains unchanged, the review could alter the schedule for the rise from 67 to 68. The government has previously indicated that future generations should spend up to a third of their adult life in retirement, suggesting potential rises to 68 by the mid-2030s and 69 by the late 2040s, though these are not yet legislated.
