31 July 2017
On 19 July 2017, the Government accepted the recommendation made by John Cridland (ex-Confederation of British Industry boss) in his report to bring forward the rise in the State Pension Age (SPA) for men and women to age 68.
Under current plans, the SPA for women will increase to age 65 (the same as the current SPA for men) by November 2018. The SPA for both men and women will then increase to age 66 by 2020, 67 by 2028 and finally 68 by 2044.
However, in this latest move announced by the Government, the rise in the SPA to 68 will now be phased in between 2037 and 2039, rather than from 2044 as was originally proposed. It is estimated this decision will affect approximately six million men and women who are currently between the ages of 39 and 47.
The announcement was made by the Secretary of State for Work and Pensions, David Gauke who said "As life expectancy continues to rise and the number of people in receipt of State pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and is protected for future generations."