they turn 68.
However, the government regularly re-evaluates the state retirement age and results of the latest review are expected to be published by 7 May 2023, in which the Department for Work and Pensions is expected to bring forward the change by eight years. This means the increase will be phased in between 2037 and 2039 and not by 2046.
The government noted that considering the growth in Britain’s ageing population, it has become necessary to ensure decisions on how to manage the cost of the state pension system were “robust, fair and transparent for taxpayers now and in the future”. In its review, the state is expected to also look at how the pension age is set and what data could be taken into considerations when establishing a fair retirement age.
Responding to the review, the Head of Pensions and Savings at the Interactive Investor, Becky O’Connor, said: “The idea of a long, enjoyable retirement seems set to be consigned to the history books… It’s no wonder today’s younger workers have little faith in the state pension being there for them at all when they stop work, with many thinking they’ll end up working forever.”
She further noted that those who find it unable to work until they reach 68, on account of age-related ill health, will be facing several critical issues as a result of these measures. “The age at which people can expect to start to experience health problems that might prevent them working is around 63, which could leave many people facing several years where they either have to rely on private pension provision, which may be inadequate anyway, or other benefits,” she noted.
