The state pension is at a ‘critical juncture’ as experts warn further changes may be needed to keep the policy affordable. The Department for Work and Pensions (DWP) is already tightening eligibility rules, with the state pension age rising from 66 to 67 between April 2026 and April 2028.
Catherine Foot, director of the Standard Life Centre for the Future of Retirement, said the UK has entered an era of rising state pension age after six decades of stability. She noted that changes must consider fairness, as working until state pension age is not achievable for everyone.
The triple lock ensures the state pension rises each April by the highest of 2.5 per cent, average earnings growth, or inflation. Critics fear this, combined with an ageing population, could make the system unaffordable. Labour announced another review in 2025, commissioning Dr Suzy Morrissey to produce an independent report.
Ms Foot highlighted that 15 million people are not on track to save enough for a comfortable retirement, and about a quarter of 60 to 65-year-olds already live in poverty. Further increases in the state pension age could deepen inequality, particularly for those with health conditions or caring responsibilities.
The state pension age is scheduled to rise from 67 to 68 between 2044 and 2046, but the Office for Budget Responsibility (OBR) has proposed accelerating this to 2037–2039. Ms Foot warned that such a move would disproportionately affect those with lower life expectancy, exacerbating regional inequalities.
The independent report by Dr Morrissey is expected to consider life expectancy, affordability, and fairness, with the government weighing its recommendations. No decision has been made on any further changes.
