State pension age rise brought forward by Government

UK state pension age increase to 68 brought forward

Sammy Wilson, the MP for East Antrim, said it was an "an inevitable effect of increased life expectancy and improvements in the general health of the population".

The state pension age will rise from 67 to 68 from 2037, bringing the change forward seven years earlier than was initially planned.

"Failing to act now in light of compelling evidence of demographic pressures would be irresponsible and place an extremely unfair burden on younger generations".

Under current plans, the state pension age for men and women will be equalised at 65 at the end of 2018, before rising to 66 in 2020 and 67 in 2028.

Everyone born between 6 April 1970 and 5 April 1978 will be affected by the changes.

The government's proposed timetable reduces this to 6.1 per cent of GDP by 2039 to 2040 - saving each household £400, based on the number of households today, and in total saving £74bn by 2045 to 2046 compared to the now legislated timetable. The government's proposed timetable aims to bring this back to 6.1 percent of GDP.

In addition, the report also outlined the government's intention to cap the proportion of a person's working life in which they can receive the state pension at 32%. The proposed increases are really an example of the state pension age playing catch up with life expectancy.

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The country's pension age will be hiked to 68 over a two years starting in 2037, affecting the retirement plans of roughly 7 million people.

"The government simply had to grasp the nettle on state pension reform", he said.

Shadow work and pensions secretary Debbie Abrahams described Mr Gauke's announcement as "an astonishing continuation of austerity that means 34 million people will work longer than under Labour's plans".

Britain is just one of many developed economies that have been forced to raise their retirement ages as life expectancy increases. In 2017, a 65-year-old can now expect to live for another 22.8 years, or 33.6 per cent of their adult life.

The government said there is a balance to be struck between funding pensions while also ensuring fairness for taxpayers in the coming years.

In response to Mr Gauke's comments, Labour MP Abrahams said, "we can not allow this Government to push people to work longer and longer to pay for its failed austerity agenda". This amounts to a saving of £74 billion by 2045/46 compared with the previous proposals. He added: "It's ironic that the government is proceeding with an accelerated increase in the state pension age days after statistics show improvements in life expectancy may be levelling off, meaning this increase may be less justified on affordability grounds. The clear message is that anyone who wants more choice over how and when they retire can't rely exclusively on a state pension and should be reviewing their workplace or private pension provision".

"And low-paid workers at risk of insecurity in their working lives will now face greater insecurity in old age too".

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