The state pension age is already set to increase to 68 over the coming years
People may soon have to work until their 70s to claim their state pension. The current state pension age is set at 66 for both men and women, with plans to increase this to 67 between 2026 and 2028, and then to 68 between 2044 and 2046.
"However, the Government would need to strike a careful balance between financial sustainability and ensuring that people who've worked for most of their lives have sufficient support in their later years." Mr Ball highlighted a "clear trajectory" with legislation already in place to raise the state pension age, but noted several factors could influence when this occurs.
She cautioned: "The prospect of the state pension age increasing to 70 and beyond is not far-fetched. With an ageing population and longer life expectancy, the Government faces growing pressure to maintain the viability of pension funds. While there are already plans to raise the state pension age to 68 by 2046, further increases could be introduced sooner than expected.
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