Published • loading... • Updated
Born in the 1970s? New Report Says State Pension Age Change Could Come 7 Years Early
The OBR says the rise could be brought forward seven years, forcing about 5 million workers to wait longer for payments.
- Treasury officials have informed the Office for Budget Responsibility that the state pension age could rise to 68 by 2037, advancing the timeline by seven years from the currently legislated 2044 date.
- The state pension age is currently transitioning from 66 to 67 across a two-year period beginning April 2026, with a statutory review led by Dr Suzy Morrissey examining future changes; the 2037 recommendation dates to a 2017 review initiated by then-Prime Minister Theresa May.
- Around five million people aged 49 to 55 would face an extra year of work, losing approximately £12,500 annually, while delaying to 2044 would cost the government an average additional £6 billion yearly.
- Pensions Minister Torsten Bell dismissed reports as 'just wrong,' stating the Government has not announced policy changes, and no legislation has yet been introduced to bring forward the increase.
- Legislation must begin next year to meet the mandatory 10-year notice requirement for 2037 implementation, as Economist Paul Johnson, former head of the Institute for Fiscal Studies, warns the government must "get on with legislation- and fast.
Insights by Ground AI
39 Articles
39 Articles
hexham-courant.co.uk+3 Reposted by 3 other sources
Millions could wait an extra year for State Pension as rule change looms
Government plans could bring forward the State Pension age rise to 68 by seven years, affecting millions currently in their late 40s and early 50s.
·Hexham, United Kingdom
Read Full Article
Coverage Details
Total News Sources39
Leaning Left3Leaning Right1Center32Last UpdatedBias Distribution89% Center
Bias Distribution
- 89% of the sources are Center
89% Center
C 89%
Factuality
To view factuality data please Upgrade to Premium
