Overview
- The statutory rise from 66 to 67 begins next year and will be completed by 2028, as confirmed in existing legislation.
- A further increase to 68 is scheduled for 2044 to 2046, but the Department for Work and Pensions has launched a third review to consider changes to the timetable.
- Sir Steve Webb of LCP proposes keeping rises on track but guaranteeing at least five years of state pension payments, with any shortfall paid to heirs if a recipient dies sooner.
- Phoenix Insights estimates that shifting the move to 68 into the early 2040s would delay payments for about three million people, with many unable to work longer.
- Rising costs frame the debate, with the OBR projecting state pension spending near 7.7% of GDP by the early 2070s and the Labour Government pledging to maintain the Triple Lock.