Industry News - 13th December 2023
The second review of the State Pension age was published earlier this year by the Department for Work and Pensions. The State Pension age is currently 66 years. The review has announced that a further increase in the State Pension age to 67 for those born on or after April 1960 will take place as planned between 2026 and the end of 2028.
The Pensions Act 2014 requires the Secretary of State for Work and Pensions to regularly review the State Pension age. The government plans to have a further review within two years of the next Parliament to reconsider the rise to the age of 68. This will involve the government taking into consideration current information, which includes life expectancy and population projections, the economic position and the impact on the labour market. These factors will inform any future decisions on the State Pension age.
The government has said that it remains committed to the principle of providing 10 years notice of changes to State Pension age, enabling people to plan effectively for retirement.
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State Pension age review: GOV.UK
Check your State Pension age: GOV.UK