Britons are urged to check their state pension age amid warnings this number could further increase under the Labour Government.
Kevin Mountford, co-founder of Raisin UK, said it “wouldn’t be surprising” to see proposals emerge for increasing the pension age to 69 or 70 years, particularly if life expectancy projections stabilise.
The warning comes as speculation mounts over potential changes to the pension system under the Labour Government, with such changes potentially allowing the Government to generate an additional £6bn per year.
Mountford warned that raising the state pension age would particularly impact vulnerable pensioners.
He said: “For many, especially those in lower-income or physically demanding jobs, delaying the state pension could result in significant financial and health challenges.”
The state pension age currently stands at 66 for both men and women.
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The state pension age currently stands at 66 for both men and women. Under existing plans, this will rise to 67 between 2026 and 2028.
A further increase to 68 is scheduled between 2044 and 2046, though there is now speculation about Labour potentially accelerating these planned increases.
Mountford said: “While the planned rise to 67 years by 2028 is already in motion, there’s now speculation about the Labour Government potentially accelerating a further increase to age 68 – or even higher.”
The changes could significantly impact retirement planning for millions of Britons.
The Government provides an online “Check your state pension age” tool on Gov.uk for those wanting to verify their eligibility.
Users need only enter their date of birth to see when they will reach state pension age and what their actual pension age will be.
A separate state pension forecast tool is also available, showing how much state pension individuals could receive and when they can claim it. The forecast tool can also highlight ways to potentially increase pension payments.
While applying online is the quickest method, those who will reach state pension age in more than 30 days can also request a forecast by post.
The service warns that state pension age is regularly reviewed and may change in future.
To ensure certainty about their retirement plans, Britons are encouraged to check their state pension age and forecast as soon as possible.
The state pension is not paid automatically and must be claimed when approaching pension age.
Those already receiving their state pension or who have deferred claiming cannot use the online forecast tool.
The expert emphasised that if Labour pushes the pension age beyond 67, a comprehensive transition plan would be essential, stressing the need for “enhanced support for individuals nearing retirement who are already struggling financially.”
He added: “The short-term fiscal benefits must not come at the cost of long-term societal inequality.”
