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The Department for Work and Pensions has released the second review of the State Pension age, confirming that it currently stands at 66. According to the review, there will be a planned increase in the State Pension age to 67 for individuals born on or after April 1960, taking place between 2026 and 2028. Consequently, the government has officially announced that the State Pension age will be raised to 67 by the end of 2028.

The Pensions Act 2014 mandates the Secretary of State for Work and Pensions to periodically assess the State Pension age. Earlier plans had proposed a gradual increase to 68 between 2044 and 2046 for those born after April 1977. The government intends to conduct another review within two years of the next Parliament to reconsider the rise to age 68.

This approach ensures that the government can base its decisions on the most recent data, considering factors such as life expectancy, population projections, economic conditions, and the labor market’s impact.

The government remains committed to providing a 10-year notice period for any changes to the State Pension age. This policy allows individuals to effectively plan for their retirement. During the upcoming review, all options for raising the State Pension age from 67 to 68, while adhering to the 10-year notice period, will be under consideration.

Source:Department for Work & Pensions | 30-10-2023
Source:Department for Work & Pensions | 30-10-2023
Source:Department for Work & Pensions | 30-10-2023
Source:Department for Work & Pensions | 30-10-2023
Source:Department for Work & Pensions | 30-10-2023
Source:Department for Work & Pensions | 30-10-2023
Source:Department for Work & Pensions | 30-10-2023
Source:Department for Work & Pensions | 30-10-2023