Tuesday, May 28, 2024
    HomeEuropeUKBritish government delays decision on setting pension age to 68

    British government delays decision on setting pension age to 68

    The British government on Thursday said it would not make a decision on whether to bring forward the date at which the state pension age is due to rise to 68 until after an election expected next year.

    The state pension age, the earliest a person can start receiving publicly-funded pension payments, is currently 66 and is scheduled to rise to 67 between 2026 and 2028, and then to 68 between 2044 and 2046.

    A 2017 government-commissioned review of the pension age proposed moving that forward to between 2037 and 2039. The government is legally required to review the state pension age every 6 years.

    Mel Stride, Secretary of State for Work and Pensions, told parliament that while the government would stick with the timing of the planned rise to 67, the level of uncertainty about data on life expectancy, labour markets and the public finances, meant a decision on the increase to 68 would be delayed.

    “I therefore plan for a further review to be undertaken within two years of the next parliament to consider the rise to age 68 again,” Stride said.

    “The government does not intend to change the existing legislation prior to the conclusion of the next review.”

    The state pension is currently 185.15 pounds ($228.53) a week, for those who reached pension age after April 6, 2016 and is due to rise by 10.1% next month.

    - Advertisement -
    - Advertisment -

    Most Popular