Six million people in their 40s will be affected – having to wait a year longer than originally planned to claim their state pension.
The change will affect those born between 6 April 1970 and 5 April 1978.
The changes were announced by the Secretary of State for Work and Pensions, David Gauke, who told MPs:
“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.”
The Age UK reaction
In response to the DWP’s announcement that the State Pension age will rise to 68 earlier than planned, Caroline Abrahams, Charity Director at Age UK, said:
“In bringing forward a rise in State Pension age by seven years, the Government is picking the pockets of everyone in their late 40s and younger, despite there being no objective case in Age UK’s view to support it at this point in time.
“Indeed, it is astonishing that this is being announced the day after new authoritative research suggested that the long term improvement in life expectancy is stalling.
“For people in midlife and younger their State Pension may seem a lifetime away but the fact is that the change announced today will have a real impact on them later in life.
Continued concern for the over-60s
Caroline Abrahams continued: “Meanwhile, Age UK remains very concerned about the situation of millions of people in their 60s today who are unable to work because of ill health, caring or unemployment; who are having to wait longer for their State Pension than they had reasonably hoped and expected; and who are being thrown back on a benefits regime that was not really designed for them, or forced to draw down savings put away to see them through their retirement.”