Overview

• The state pension age will increase from 66 to 67 between 2026 and 2028 for those born after April 1960.
• Analysts warn that more rapid rises to 68 or even 70 cannot be ruled out given doubts about the triple lock’s long-term viability.
• The full new state pension stands at £230.25 per week, requiring 35 years of National Insurance contributions.
• Claimants who defer their pension for a full year can secure a 5.8% uplift, adding £694.20 to their annual income.
• Pension spending surged to 5.06% of GDP in 2023-24, and the Office for Budget Responsibility forecasts it could approach 8% by 2072-73.