Omni-Man
Millions of UK citizens are bracing for significant changes to their retirement timelines as the State Pension age is scheduled to increase from 66 to 67 by 2028, with further adjustments expected in the coming decades.
These changes are part of long-term plans by the UK government to manage the growing cost of the State Pension system amid an ageing population.
Let’s explore what this means, who will be affected, and the financial figures you need to know.
What’s Changing in the State Pension Age Timeline?
The State Pension age has already risen over the past decade. Now, the upcoming increase from 66 to 67 is set to be completed by 2028 for both men and women.
Key Details:
| Change | Timeline | Impact |
|---|---|---|
| State Pension age increases from 66 to 67 | 2026 – 2028 | Affects millions reaching retirement age during this period |
| Proposed rise from 67 to 68 | Originally 2044 – 2046 | May be brought forward to 2041 – 2043 |
| Next official review | Current Parliament | May determine future of age 68 shift |
Impact on Retirement Plans
According to Phoenix Insights, 3 million people could face delays in accessing their State Pension if the proposed move to age 68 is brought forward.
Additionally:
- 45% of UK adults say they expect to work beyond retirement age.
- Only 18% feel they could live on the State Pension alone.
- 35% of those aged 60 to 65 have no private pension savings.
This suggests a major gap in retirement readiness—an issue the government must address through policies supporting older workers and pension savings.
Current State Pension Rates and Requirements
There are currently over 13 million people receiving State Pension, with 34% on the New State Pension and 66% on the Basic (Old) State Pension.
Payment Breakdown:
| Pension Type | Weekly Amount | 4-Week Payment | Annual Amount (2025/26) |
|---|---|---|---|
| Full New State Pension | £230.25 | £921 | £11,973 |
| Full Basic State Pension | £176.45 | £705.80 | £9,175.40 |
To qualify for the full New State Pension, individuals need at least 35 years of National Insurance Contributions (NICs). A minimum of 10 years is required to receive any amount.
Concerns Over Affordability and the Triple Lock
The Labour Government has committed to maintaining the Triple Lock, which ensures State Pension increases are the highest of earnings growth, inflation, or 2.5%.
Projected Increases Under the Triple Lock:
| Year | Projected Increase |
|---|---|
| 2025/26 | 4.1% |
| 2026/27 | 2.5% |
| 2027/28 | 2.5% |
| 2028/29 | 2.5% |
| 2029/30 | 2.5% |
However, long-term affordability remains a concern. The number of pensioners is projected to rise by 5 million by 2070, while the working-age population will increase by only 1 million.
What’s Next for the State Pension System?
While plans to raise the age to 68 were paused by the previous Conservative government, the current administration may revisit the issue soon.
UK law mandates that any such changes must be announced at least 10 years in advance, in response to controversies like the one that affected 3.6 million women born in the 1950s who were not given adequate notice.
Policymakers are expected to review the State Pension age again during this parliamentary term, potentially offering more clarity on the timeline for age 68.
The upcoming State Pension age changes signal a new era of retirement planning in the UK. With millions facing potential delays in accessing benefits, now is the time to assess your pension readiness.
Whether it’s checking your NIC record, boosting private savings, or planning for extended work years, being proactive will help you adapt to this evolving retirement landscape.
FAQs
When will the State Pension age rise to 67?
The increase from 66 to 67 will occur between 2026 and 2028, impacting both men and women across the UK.
Is the increase to age 68 confirmed?
Not yet. While the increase to 68 was proposed for 2044–2046, a review may push it forward to 2041–2043. The current government is expected to revisit this plan.
How can I check how much State Pension I’ll receive?
You can use the State Pension forecast tool to view your contributions, expected amount, and retirement age based on your National Insurance record.