As the saying goes… ‘moving the goalposts’. Let’s have a look into this.
There are reports that the government may move sooner than expected to raise the state pension age to 68, although nothing official has been revealed.
The official state pension age in the UK currently is 66. The full state pension as of writing is worth £185.15 a week, protected by the triple state pension lock, to those who have earned the entitlement to it. This updated system was only introduced in 2016, and what you receive is based on your national insurance contributions, along with other factors. In some cases you could receive a higher or lower amount than this.
The state pension age is planned to climb to 67 between 2026 and 2028 under plans laid out by the government and it is anticipated to rise yet again to 68 between 2044 and 2046.
But, as previously mentioned, the state pension age is now being reviewed and there are rumours that the anticipated hike to age 68 might be moved up to the 2030s.
The Government has previously stated that any change in the state pension age timeline will give individuals at least 10 years notice, despite the fact that this would undoubtedly have an impact on the retirement plans of millions of people.
The timing and speed of an accelerated state pension age hike to 68 would determine its implications.
If the government fully implemented its plan to raise the state pension age to 68 starting in 2033, then as an example:
It's crucial to remember that nothing is completely confirmed at this time, and this is simply an indication of what may occur. The Government will make an announcement once it has precise plans, at which point we can start preparing!
You can view the current state pension ages at gov.uk
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