The changes could affect millions of Brits across the UK.
The state pension age is set to rise to 67 (Image: Getty)
The state pension age is becoming a “point of discussion”, according to an expert, who argued a new review is providing the chance to address a cause of concern for many. With life expectancy continuing to rise and more people living into their 90s and beyond, the government is facing pressure to consider bringing forward planned increases to the pension age. The Department for Work and Pensions (DWP) has launched a review into the issue, which comes amid mounting concerns over the long-term affordability of the state pension, particularly in the context of the UK’s rapidly ageing population.
Recent figures from the Office for National Statistics (ONS) show that over 500,000 people across England and Wales are now aged 90 or older, and more than 16,000 people are aged 100 or above, a major shift compared to just two decades ago. Currently set to rise from 66 to 67 between 2026 and 2028, the state pension age could increase further and potentially faster as the government examines how sustainable the system is in the long term.
The Department for Work and Pensions (DWP) is increasingly focusing on the state pension age (Image: Getty)
Although longevity is increasing overall, life expectancy still varies widely depending on where people live and this is becoming a point of concern for policymakers and experts.
Catherine Foot, director of the Standard Life Centre for the Future of Retirement, said: “In our ageing society the affordability of the state pension is a constant point of discussion and the Government has kicked off a review of state pension age.
“While more people are living to 90 and beyond, this growth in the number of very old people only provides a very partial picture. Life expectancy varies dramatically across the country and the uneven nature of increases needs to be taken into account as part of this process.
“For individuals, longer lives provide the opportunity to rethink the traditional life phases of education, work and retirement and take a more flexible approach.
“People’s ability to do so however rests on having sufficient savings in place to enjoy what could be a lengthy retirement.
“The new Pensions Commission provides an opportunity to address the situation whereby 17 million people are currently under-saving and set out a roadmap towards a gradual increase in savings rates.”
However, the new DWP review could potentially accelerate this timeline, especially if the government decides that delaying retirement is essential to reduce the cost burden on taxpayers.
The government has not confirmed any changes yet, but experts have warned that earlier increases could disproportionately affect workers in physically demanding jobs or those without access to flexible working.
