Iain Duncan Smith, in his role as Work & Pensions Secretary, has confirmed the State Pension Age will have to increase sooner than currently planned.
The previous government brought in the changes to the state pension age and as it stands at the moment the retirement age for both Men and Women increases to age 66 in 2020, age 67 in 2036 and age 68 in 2046.
Quoting the increasing life expectancies and the increasing retired population, which will be further inflated by the ‘baby boom’ generation, Mr Duncan Smith stated that the age 67 increase will have to be brought forward by 10 years.
By implication we can assume the state pension age will be age 66 from 2020, age 67 from 2026 and age 68 from 2036.
That said these dates have yet to be confirmed and there is some hope for Women impacted by the retirement age increase to age 66. The government has stated it will look at transitional arrangements for Women who have been affected by both the equalisation of state pensions to age 65 in 2018 and the further increase to age 66 two years later.