Overview

• The Department for Work and Pensions has launched its statutory review, supported by a revived independent Pensions Commission, to consider bringing forward the increase in state pension age from 67 to 68.
• Current legislation sets the rise to 67 between 2026 and 2028 and to 68 between 2044 and 2046, with any change requiring a report by 2029 and at least ten years’ notice before implementation.
• Wealth manager Rathbones warns that moving the 68 threshold to 2039–41 would deprive those now aged 51–53 of up to £17,774 in state pension payments.
• The Institute for Fiscal Studies cautions that keeping the triple lock intact could drive pension spending toward £150 billion a year and push future retirement ages to 69 by 2049 and 74 by 2069.
• Analysts highlight a 48 percent gender pension gap and call for stronger auto-enrolment and higher contribution rates to improve retirement fairness and adequacy.