United Kingdom raises pension age from 67 to 68 starting in 2037

Pension on a bank note

The government's decision to increase the United Kingdom state pension age to 68 sooner than previously expected is in line with recommendations of John Cridland's recent official Review.

The change will affect everyone born between 6 April 1970 and 5 April 1978, who under current legislation had been due to retire at 67.

Legislators must approve the change before it becomes law.

Labour and the SNP both said they opposed increasing the retirement age above 66.

GMB national pensions organiser Keir Greenaway said: "The Tories' sneaky increase to state pension age, clobbering six million people, comes in the same week we are told that life expectancy rises are grinding to a halt".

Steven Cameron, pensions director at Aegon said that the new measures show future generations can not retire on state provision.

"Failing to act now in light of compelling evidence of demographic pressures would be irresponsible and place an unfair burden on younger generations", the United Kingdom government said.

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Following the government's announcement, the key message from pension experts is not to rely on the state pension in retirement.

"No one will rejoice at the thought of waiting longer for their state pension but the truth is that such changes are necessary if the current system is to be made sustainable", said Ed Monk, associate director for personal investing at Fidelity International.

In the USA, the age to receive full social security benefits is set to rise gradually to 67. Delivering on these efforts will be vital to reducing the negative consequences of faster state pension age rises. But it will gradually increase to 67 by 2029, according to the OECD. To put it simply, people are living a lot longer but the age at which they receive the state pension has barely moved in over a century. In 2017, a 65-year-old can now expect to live for another 22.8 years, or 33.6 per cent of their adult life. But from 2010, the retirement age for women was bought into line with men.

Secretary of State for Work and Pensions David Gauke said: 'Since 1948 the state pension has been an important part of society, providing financial security to all in later life.

The Government said the new timetable is meant to "maintain fairness between generations in line with continuing increases in life expectancy".

"This is an astonishing continuation of austerity that means 34 million people will work longer than under Labour's plans", Labour's work and pensions spokeswoman, Debbie Abrahams, said in a statement.

And she said it would hit particularly hard in Scotland, which has lower life expectancy rates than the rest of the UK. "Without this decision people of working age would have faced a heavy tax burden". "This group are also those most at risk of inadequate private saving - they have not had the same access to final salary pension schemes as their parents and are too old to enjoy the full benefits of automatic enrolment that their children will see".

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