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State pension age rise to 68 will not be brought forward yet State pension age rise to 68 will not be brought forward yet
(about 3 hours later)
The government is to announce it will not currently bring forward the date the state pension age will rise to 68. A rise in the state pension age to 68 will not be brought forward yet, the government is to announce.
The work and pensions secretary is expected to tell MPs on Thursday that now is not the time to make the change. A decision is expected in 2026, after the next general election. Those born on or after 5 April 1977 will be the first cohort to work to 68, under current plans. A 2017 government review suggested expanding this include to those born in the late 1960s.
The state pension age of 66 is due to rise to 68 from 2044. The work and pensions secretary is expected to tell MPs on Thursday that now is not the time to make the change.
A previous government review in 2017 had suggested the rise could be brought forward into the late 2030s. A decision is now expected in 2026, after the next general election.
By law the government is required to examine planned changes to the system every six years, and the latest review takes into account factors such as the costs involved and life expectancy, which is no longer due to rise as quickly as previously projected. By law the government is required to examine planned changes to the system every six years.
A recent report found life expectancy for retiring Britons is now two years lower than when the government last reviewed the state pension age in 2017.
The current review, by Baroness Neville-Rolfe, is looking at what factors the government should take into account when setting the pension age.
When do you get the state pension?
Chancellor announces state pension to rise by 10.1%
The state pension is a monthly payment currently made to 12.5 million people who have reached qualifying age and have paid enough in national insurance contributions.
Next week, the amount paid will increase by 10.1% in line with the rising cost of living.
That means it will be worth:
£203.85 a week (up from £185.15) for the full, new flat-rate state pension (for those who reached state pension age after April 2016)
£156.20 a week (up from £141.85) for the full, old basic state pension (for those who reached state pension age before April 2016)
Work and Pensions Secretary Mel Stride will make a statement in the House of Commons later to confirm the conclusions of the latest statutory review on the pension age.Work and Pensions Secretary Mel Stride will make a statement in the House of Commons later to confirm the conclusions of the latest statutory review on the pension age.
The Daily Express newspaper, where the story first appeared, said Mr Stride would announce a new review to be carried out after the next election.The Daily Express newspaper, where the story first appeared, said Mr Stride would announce a new review to be carried out after the next election.
A review - which is required by law - by Baroness Neville-Rolfe was looking at what factors the government should take into account when setting the pension age. The qualifying age to receive the pension has been a matter of intense speculation, with two reviews having been considering the appropriate age and how that should be calculated.
At the moment, the age limit is based on ensuring no-one spends more than one third of their adult life in retirement. A separate review by the government's actuary was examining the latest life expectancy data. The main argument for accelerating a rise in the state pension age has always been that people are living for longer.
The state pension bill is estimated to grow by 35% to around £148bn by 2027-28 according to the Office for Budget Responsibility.
The Institute for Fiscal Studies, a leading economic research group, said that it was a "reasonable estimate" that increasing the state pension age by one year in the late 2030s would save the Government £8bn to £9bn a year in today's terms.
But experts point out that, although the cost of the state pension has been rising, life expectation has stalled recently.
There is also a wide difference in life expectancy across different parts of the country, with people generally likely to live longer in more affluent areas. That creates an added complication when setting a state pension age which is uniform across the UK.
At the moment, the age limit is based on ensuring no-one spends more than one third of their adult life in retirement.
State pension increases currently set out in legislation are:State pension increases currently set out in legislation are:
A gradual rise to 67 for those born on or after April 5, 1960A gradual rise to 67 for those born on or after April 5, 1960
A gradual rise to 68 between 2044 and 2046 for those born on or after April 5, 1977A gradual rise to 68 between 2044 and 2046 for those born on or after April 5, 1977
Proposals to raise the state pension age are often controversial. Riots broke out on the streets of France after the French government decided to force through pension reforms without a vote in parliament.
A Department for Work and Pension spokesperson said: "The government is required by law to regularly review the State Pension age and the next review will be published by 7 May."
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