Posted by Gary Mackley-Smith on July 20, 2017
Men and women who are currently aged between 39 and 47 will have to wait an extra year before they qualify for a state pension.
A rise in the pension age from 67 to 68 has been announced by the government, and will be phased in between 2037 and 2039, rather than from 2044 as originally set.
Anyone younger than 39 will have to wait for future government announcements to find out what their pension age will be.
Going forward, the government has said there will be regular reviews of the state pension age, raising the prospect of workers now under the age of 30 having to wait until 70 before they qualify for a state pension.
No one born on or before 5 April 1970 will see a change to their current proposed state pension age.
The changes are in line with the recommendations set out in the March 2017 Cridland report, which proposed bringing forward the increase in state pension age to 68.
This is the first government review of state pension since the Pensions Act 2014, which requires a review every six years.
If you would like to discuss your pension planning, please contact your usual Bishop Fleming adviser.