State pension age rise brought forward

State pension age rise brought forward

Six million people in their early 40s will have to work a year longer, as a result of a change in the State Pension Age, the government has announced.

The rise in the pension age to 68 will now happen by 2039, rather than by 2046 as was originally proposed.

Those affected are currently between the ages of 39 and 47.

The announcement was made by the Secretary of State for Work and Pensions, David Gauke.

He said the government had decided to accept the recommendations of the Cridland report, which proposed the change.

“As life expectancy continues to rise and the number of people in receipt of state pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations,” he told MPs.

Men and women will be affected equally, as the State Pension Age will have been equalised by then.

The change will affect those born between 6 April 1970 and 5 April 1978.

The government said the new rules would save the taxpayer £74bn by 2045/46.

Source: BBC News

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