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Ministers 'planning to raise the pension age to 68 by the mid-2030s' in blow to millions
5 October 2022, 09:05
Liz Truss is considering increasing the age for claiming the state pension to 68 by the mid 2030s - more than a decade sooner than the current policy.
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The current UK state pension age for men and women is 66, and will rise to 67 by 2028.
Under the current plans, a rise to 68 would not happen until 2046, affecting anyone born after 1977.
But The Sun has said it understands that ministers are preparing to bring that rise forward to the mid-2030s, with experts predicting that 2035 could be the year chosen.
The government is predicted to bring forward a decision to before Christmas, to help shore up support from financial markets, and generate an extra £6billion for the treasury.
On Tuesday October 4, Prime Minister Liz Truss was asked on Sky News if she will lift the retirement age before 67 and refused to rule out doing so:
"You’re asking me to speculate about all kinds of decisions that haven't yet been made," said Truss, "We are facing a very difficult international situation, a slowing global economy, so yes I will do what it takes to fix those issues."
A previous review — done by Sir John Cridland — hinted younger workers may have to stay in work until they are 69.
Former pensions minister Steve Webb said: "This is a Treasury driven decision, and it may be as much about the markets as people’s working lives.
"A more aggressive schedule for a government that wants to reassure the markets could be an option."
Lib Dem work and pensions spokeswoman Wendy Chamberlain said: "Liz Truss seems to have completely lost the plot.
"After screwing over mortgage borrowers, now it looks like she’s preparing to force millions to tear up their retirement plans.
"It can’t be right to raise the retirement age when life expectancy has dropped. Who will be next on Liz Truss’s hit list? It just shows this Government is completely out of touch."
Age UK charity director Caroline Abrahams said: "Any decision by the Government to make today's 50-somethings wait longer for their State Pension would be setting up hundreds of thousands of ordinary men and women for a miserable and impoverished period in their run up to retirement – a regressive and deeply regrettable step."
The Pensions Act 2014 requires the Government to regularly review State Pension age. The next review must be published by May 7, 2023.