Retirement experts are urging the UK Government to explore offering people more choice over when they can start claiming their State Pension.
Pension provider Aegon is urging the UK Government to explore offering more choice over when people can start claiming their State Pension . The call comes amid speculation that if a future Government commits to retaining the State Pension Triple Lock, and set against likely future rises in life expectancies, further significant increases to the official age of retirement - up to 74 - may be needed to keep costs under control.
The New and Basic State Pension will rise by 8.5 per cent from Monday, April 8. Additional elements of the State Pension will increase by 6.7 per cent - September’s Consumer Price Index inflation rate. “The State Pension age is due to increase to 67 in 2028 and currently, the plan is to increase it further to age 68 by 2046 but this could happen sooner. There is now speculation that if a future Government commits to retaining the State Pension Triple Lock, and set against likely future rises in life expectancies, further significant increases in State Pension age may be needed to keep costs under control.
He continued: “This could be because of their health, a physically or mentally taxing job or caring responsibilities for elderly parents. We’re already seeing increasing numbers of over 50s exiting the workforce due to ill-health. An ever-rising fixed State Pension age could become increasingly divisive and out of sync with today’s flexible private pensions world.”
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