In July we published our review into the State Pension age, proposing a new timetable for the rise to 68. It’s in line with continuing increases in life expectancy.
Under our new proposed timetable, the State Pension age will increase to 68 between 2037 and 2039, earlier than the current legislation which sees a rise between 2044 and 2046.
The change will affect everyone born between 6 April 1970 and 5 April 1978.
No one born on or before 5 April 1970 will see a change to their State Pension age.
The State Pension must continue to be fair, sustainable and affordable. People are living longer and that means the State Pension age system needs to be updated to reflect the fact people are living longer.
When the State Pension was introduced in 1948, a 65-year-old could expect to spend 13.5 years in receipt of it – 23 per cent of their adult life. In 2017 a 65-year-old can now expect to live for another 22 years – 33.6 per cent of the adult life.
And a girl and boy born in 1951 were expected to live to 82.4 and 77.8 respectively. But a girl and boy born in 2017 can expect to live until 93.6 and 90.8.
This is the first Government review of the State Pension age. To inform our decision we commissioned two independent reports from John Cridland CBE and the Government Actuary’s Department. In March 2017 they both reported back and John Cridland’s recommendations on the State Pension age are being followed up on today.
Click here to find out more about your State Pension.