A review into the state pension age timetable has been launched by the Department for Work and Pensions (DWP) with potentially major implications. If recommendations are taken up, it could mean 68 becomes the state pension age sooner than currently planned. Currently, the state pension age is 66, but this is guaranteed to rise in the coming years.
Adrian Lowery, personal finance expert at Bestinvest, explained the review, and what is likely implications are.
He said: “The Department for Work and Pensions is taking another look at the issue of when the increase in state pension age to 68 should kick in.
“Both men and women’s state pension ages are currently 66, and between 2026 and 2028 they will both rise to 67.
“The increase to age 68 is currently scheduled to happen between 2044 and 2046, which would affect those born on or after April 1977.”
READ MORE: Pension warning as Rishi Sunak ‘tax raid’ may be on the horizon
“In turn, this could force a delay in retirement for those cohorts.
“However, there is also speculation that slowing gains in life expectancy will…
