View 2 Images

The State Pension age is due to begin its rise from 66 to 67 next year, with the increase expected to be fully implemented for all men and women across the UK by 2028. This planned change to the official retirement age has been legislated since 2014, with an additional rise from 67 to 68 scheduled to take place between 2044 and 2046.

Last month saw the launch of the third review of the State Pension age, which will consider future increases, taking into account factors such as life expectancy, labour market conditions, costs and sustainability. The projected expenditure on the State Pension in 2025/26 stands at £146 billion, but the Department for Work and Pensions (DWP) estimates this figure will climb to £169bn by 2029/30.

Under the Triple Lock mechanism, State Pensions

See Full Page