Reports indicate that plans to alter the UK’s state pension age from 66 to 68 could be accelerated sooner rather than later. The Pensions Act 2014 insists that the government regularly review Britain’s state pension age, and the latest review will conclude on Sunday, May 7. It is anticipated that a decision regarding whether the pension age will see a change will be made at this time.
Currently, the UK state pension age stands at 66, with the next two increases already established in legislation. A gradual increase to 67 is planned for people born either on or later than April 1960 and another hike to 68 is set between 2044 and 2046 for people born on or later than 1977.
However, the 2023 review is believed to be considering whether an increase of the pension state age to 68 should now be moved forward. Dates rumoured for this advancement have ranged from 2035 through to 2039.
The Department for Work and Pensions (DWP) commented on the potential increase, stating that the government must ensure that the state pension continues to deliver a foundation for financial security.
In the current cost-of-living crisis, many UK employees fear that the state pension will not be sufficient to support them when they are no longer working. As a result, UK savers and investors seek out help from experts in retirement planning in Shropshire, Worcestershire and other counties. Wealth managers help their clients prepare for retirement by assessing their finances and the standard of living they seek in retirement, as well as plotting a financial roadmap to achieve their ambitions.
