The Government has hinted that millions of people may soon have to work until they are well into their mid-70’s before even qualifying for their state pensions, as details of a review into the State Pension age were published.
The new report looks set to forecast a gloomy future for many workers who will have to continue to work on long past the currant retirement age to enjoy the benefits previous generations were able to access.
The current state pension age is 65 for men and 60 for women and is due to rise for both to 66 by 2020. It is due to increase to 67 between 2026 and 2028.
The government said the review, required under existing legislation, would consider changes in life expectancy as well as wider changes in society and “make sure that the state pension is sustainable and affordable for future generations” It said it would also consider whether “the current system of a universal state pension age” rising in line with life expectancy was “optimal in the long run”. This suggests the review will look at whether the retirement age should rise even if life expectancy slows
The review is due to report in time for any changes to be considered by George Osborne by May 2017.