IN a government proposal on Wednesday, it was announced Britain’s state pension age should rise to 68 earlier than previously planned, meaning people born between 1970 and 1978 will need to work an extra year before being able to retire.
Britain’s current state pension age is 65, but is scheduled to rise steadily to 68 over the coming decades.
Welfare minister David Gauke told parliament on Wednesday that he had accepted the recommendations of a review that an increase in the state pension age to 68 should take effect between 2037 and 2039, rather than 2044-2046 as earlier planned.
He added that existing plans to raise the retirement age to 66 and 67 remained unchanged.
‘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 protected for future generations,’ Gauke said.
The changes will need to be approved by parliament before they take effect.