DWP State Pension age could rise to 70 as people will have to work longer
The UK state pension age is currently 66, rising to 67 by 2028 - but the Chancellor has said a review into raising the state pension age is needed to ensure the system is "sustainable and affordable"
Chancellor of the Exchequer Rachel Reeves
(Image: 2025 Getty Images)
Specialists suggest the State Pension age could be poised to increase to 70 years old, forcing individuals to work considerably longer before they can retire. Chancellor Rachel Reeves has indicated that an examination into raising the state pension age is necessary to guarantee the system remains "sustainable and affordable".
The Government assessment is scheduled to report in March 2029 and Ms Reeves stated it was "right" to examine the age at which individuals can claim the state pension as life expectancy grows.
The state pension age currently stands at 66, climbing to 67 by 2028 and the Government is legally obligated to regularly assess the age. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here
Speaking to Newspage, Samuel Mather-Holgate, an independent financial adviser at Mather and Murray Financial, said: "The state pension system is ripe for squeezing, so an increase to the state pension age is coming down the tracks, probably to 70. Changing the triple lock would save a fortune, but it would be politically difficult as the older generation votes."
The pension scheme consumes nearly 5% of the UK's GDP and this figure is anticipated to climb to almost 8% over the next 50 years. The Office for Budget Responsibility (OBR) cautioned that the expense will surpass earlier projections by £10billion annually.
A Government assessment of the state pension age will be released in 2027. Unions have warned that any rise in the pension age could trigger strikes, reports Lancs Live.
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Eddie Dempsey, the general secretary of the Rail, Maritime and Transport union, stated: "The UK state pension is already one of the worst in the entire developed world, which is a direct result of decades of governments transferring both our national and personal wealth to the super rich.
"Any decision to squeeze more out of working people by forcing us to work even longer would be a national disgrace."
He added: "Our members work in physically demanding, round-the-clock, safety-critical jobs. Many already struggle to reach retirement in good health, especially shift workers.
"Raising the pension age even further isn't just cruel and unnecessary, it's a slap in the face to the very people who keep this country running. If this government makes any move to drastically increase the retirement age, we intend to lead our movement onto the streets and will not hesitate to protest nationally and take co-ordinated direct action."
In response, a Government spokesperson said: "Supporting pensioners is a top priority, and thanks to our commitment to the triple lock, millions will see their yearly state pension rise by up to £1,900 by the end of this parliament. We have also run the biggest-ever campaign to boost pension credit take-up, with nearly 60,000 extra pensioner households being awarded the benefit, worth on average around £4,300 a year.
"But we know there is a real risk that tomorrow's pensioners will be poorer than today's, which is why we are reviving the Pension Commission, to tackle the barriers that stop too many people from saving."
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