Britons will have to work for longer before claiming the state pension under plans to save the government billions of pounds by raising the official retirement age to 68 sooner than initially planned.
The present threshold of 66 will increase to 67 in 2028 and is due to hit 68 in 2046. However, ministers are looking at bringing forward the change to as early as 2035, affecting those who are 54 and under today.
An announcement is expected by Jeremy Hunt this year. The Sun, which first reported news of the discussions in Whitehall, said the chancellor favoured raising the retirement age to 68 in the mid-2030s but that Mel Stride, the work and pensions secretary, was pushing for 2042.
Last month the government began a statutory review of the state pension age, with findings to be published in May. Ministers believe the changes are necessary to make pensions affordable … Read more