Menu
05/12/2013
State Pension Age To Increase
More people will have to work for longer before being entitled to a state pension, Chancellor George Osborne is to announce.
Currently, the state pension age was due to change from 65 to 68 in 2046, however, as part of Mr Osborne's Autumn statement, the date will now be brought forward to the mid-2030s.
It is thought the pension age could rise again to 69 in the late 2040s.
This means that people who are now in their 20s will likely have to continue working until they reach the age of 70.
Mr Osborne is due to deliver his statement to the House of Commons later this morning.
It is understood a new formula will increase the state pension age to keep pace with increasing life expectancy.
The Government has said that people should, on average, spend no more than one-third of their adult lives in retirement.
The government has already announced the state pension age will increase to 66 by 2020 and 67 by 2028 and these dates remain unchanged.
(JP/IT)
Currently, the state pension age was due to change from 65 to 68 in 2046, however, as part of Mr Osborne's Autumn statement, the date will now be brought forward to the mid-2030s.
It is thought the pension age could rise again to 69 in the late 2040s.
This means that people who are now in their 20s will likely have to continue working until they reach the age of 70.
Mr Osborne is due to deliver his statement to the House of Commons later this morning.
It is understood a new formula will increase the state pension age to keep pace with increasing life expectancy.
The Government has said that people should, on average, spend no more than one-third of their adult lives in retirement.
The government has already announced the state pension age will increase to 66 by 2020 and 67 by 2028 and these dates remain unchanged.
(JP/IT)
Related UK National News Stories
Click here for the latest headlines.
25 May 2006
Retirement age to rise to 68
The state pension age is to rise to 68, under new pension proposals announced by the government today. The government's White Paper on pensions reform said that the state pension age will be increased gradually, rising to 66 between 2024 and 2026, then 67 between 2034 and 2036 and finally 68 between 2044 and 2046.
Retirement age to rise to 68
The state pension age is to rise to 68, under new pension proposals announced by the government today. The government's White Paper on pensions reform said that the state pension age will be increased gradually, rising to 66 between 2024 and 2026, then 67 between 2034 and 2036 and finally 68 between 2044 and 2046.
30 November 2005
Mixed reaction to pensions report
Today's Pensions Commission report has been hailed by the government and opposition leaders but fiercely criticised by both businesses and trade unions. The review proposed a gradual rise in the state pension age to 68, as well as the introduction of a national pension saving scheme and a rise in payments linked to earnings, rather than prices.
Mixed reaction to pensions report
Today's Pensions Commission report has been hailed by the government and opposition leaders but fiercely criticised by both businesses and trade unions. The review proposed a gradual rise in the state pension age to 68, as well as the introduction of a national pension saving scheme and a rise in payments linked to earnings, rather than prices.
25 January 2010
Calls For Longer Working Life
Employees should be offered greater flexibility if they decide to work past retirement age, a Equality Commission reports has said. Under a raft of proposals, the Commission called for the abolition of the default retirement age.
Calls For Longer Working Life
Employees should be offered greater flexibility if they decide to work past retirement age, a Equality Commission reports has said. Under a raft of proposals, the Commission called for the abolition of the default retirement age.
19 July 2004
Retirement age should be raised to 70, says CBI
The retirement age should be raised to 70 if the government is to avoid a pensions crisis, the Confederation of British Industry (CBI) has said. In its report on developing sustainable pensions provision, the CBI set out its vision to bring about better employer schemes, a higher state pension and an increased retirement age.
Retirement age should be raised to 70, says CBI
The retirement age should be raised to 70 if the government is to avoid a pensions crisis, the Confederation of British Industry (CBI) has said. In its report on developing sustainable pensions provision, the CBI set out its vision to bring about better employer schemes, a higher state pension and an increased retirement age.
17 November 2005
State pension age could rise
Britain’s workers could face an increased state pension, but they may have to work longer before they can claim it.
State pension age could rise
Britain’s workers could face an increased state pension, but they may have to work longer before they can claim it.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
