Millions will have to work an extra year
Plans to bring the age at which people can retire and receive state pension are being brought forward the government announced today.
Speaking to the House of Commons, David Gauke, work and pensions secretary revealed the new proposed timetable for the rise to 68 will be brought forward to 2039 from the previously stated 2046 following a recent review by the department of work and pensions.
He said: “As life expectancy continues to rise and the number of people in receipt of state pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations.”
“Combined with our pension reforms that are helping more people than ever save into a private pension and reducing pensioner poverty to a near record low, these changes will give people the certainty they need to plan ahead for retirement,” he added.
A statement from the department said this acceleration will bring retirement age ‘in line with continuing increases in life expectancy’, because “people are living longer, and spending a larger proportion of their adult life in retirement than in the past.”
The announcement means millions more will have to work a year longer and the changes will affect those born between 6 April 1970 and 5 April 1978.