The UK government may reconsider increasing the state pension age due to slowing life expectancy growth. Pensions Minister Torsten Bell has suggested that the 2029 review of the state pension age will need to take this into account.
Currently, the state pension age is set to rise from 66 to 67 between 2026 and 2028, with a further increase to 68 by 2046. Some experts have even proposed raising it to 70 by 2040 to ensure the system remains financially sustainable. However, recent Office for National Statistics (ONS) data shows a decline in life expectancy rates, prompting concerns about the fairness of these increases.
Why Is the Pension Age Increase Being Questioned?
Recent ONS data highlights a notable decline in life expectancy between 2021 and 2023, compared to 2017–2019:
For men:
- England: Life expectancy fell by 1.7 years.
- Wales: Life expectancy fell by 1.1 years.
For women:
- England: Life expectancy dropped by 1.9 years.
- Wales: Life expectancy dropped by 2.2 years.
While Mr. Bell clarified that life expectancy has not declined overall, he acknowledged that the rate of increase has slowed significantly. He described this as a “slowdown in the pace of progress”, affecting not just pensions but also the health system and the economy.
Current and Future State Pension Age Increases
As per the Pensions Act 2014, the UK government reviews the state pension age every six years. The planned changes are:
2026–2028: Pension age increases from 66 to 67.
By 2046: Pension age rises to 68.
Proposed by 2040: Some experts suggest increasing it to 70.
If the government reconsiders these plans, it could mean delays or adjustments to future pension age increases.
Current UK State Pension Rates
Currently, there are two types of state pensions:
Basic State Pension
£169.50 per week (full rate).
Available to:
- Men born before April 6, 1951.
- Women born before April 6, 1953.
New State Pension
£221.20 per week (full rate).
Available to:
- Men born on or after April 6, 1951.
- Women born on or after April 6, 1953.
To qualify for any state pension, a person must have at least 10 years of National Insurance (NI) contributions. To receive the full amount, at least 35 qualifying years are required.
How to Check Your State Pension Forecast
People can check their state pension age and entitlements using the official Government website. This tool helps individuals find out:
When they will reach state pension age.
If they qualify for Pension Credit.
When they’ll be eligible for free bus travel.
To use the service, people must verify their identity via Government Gateway. If they don’t have an account, they can register online.
What This Means for UK Pensioners
If life expectancy continues to slow down, the government may delay or revise future pension age increases.
The 2029 review will be crucial in deciding whether raising the state pension age remains fair and sustainable.
Those nearing retirement should check their pension forecast and stay updated on any potential changes.
With ongoing economic and health system challenges, the government faces tough decisions about balancing pension sustainability with fairness for future retirees.
