Pensions Minister Torsten Bell has indicated that the Government is 'taking seriously' the possibility of allowing early access to the state pension. Speaking to the Work and Pensions Committee, Bell acknowledged the idea could address inequality challenges, particularly for those unable to work due to illness.
Currently, the state pension age is 66, rising to 67 by April 2028. Legislation also sets an increase to 68 between 2044 and 2046, with discussions about bringing that forward. Bell noted that early access might benefit terminally ill individuals, but stressed the need to consider different age groups and circumstances.
The full new state pension pays £230.25 per week, set to rise 4.8% in April under the triple lock. The Government encourages people to check their forecast using the online tool.
