state pension age moving the goalposts

As the saying goes… ‘moving the goalposts’. Let’s have a look into this.

Is the state pension age changing?

The state pension age is one of the most closely watched numbers in retirement planning, and it is already on the move. Successive governments have signalled that it may rise further and faster than the current timetable, so it pays to keep an eye on where the goalposts sit.

The official state pension age in the UK is currently 66. The full new State Pension for 2026/27 is worth £241.30 a week (around £12,548 a year), protected by the triple lock for those who have earned the entitlement to it. This new system was introduced in 2016, and what you receive is based on your national insurance record, along with other factors. In some cases you could receive a higher or lower amount than this. You can read more about how the increase is protected in our guide to whether the triple lock is still in place.

The state pension age is already climbing to 67 between 2026 and 2028 under plans laid out by the government, and it is currently legislated to rise again to 68 between 2044 and 2046.

However, the state pension age is reviewed regularly, and there has been persistent speculation that the increase to age 68 could be brought forward to the mid-2030s or 2040s. A further government review is expected to firm up the timetable.

The Government has previously stated that any change in the state pension age timeline will give individuals at least 10 years notice, despite the fact that this would undoubtedly have an impact on the retirement plans of millions of people.

The timing and speed of an accelerated state pension age hike to 68 would determine its implications.

What does it mean if the state pension age is raised?

If a future government brought forward the rise to 68 to begin in the mid-2030s, then, purely as an illustration:

• For those who were born before April 5, 1966, the state pension age becomes 67.
• For those born between April 6, 1966, and April 5, 1967, would then become eligible for a state pension between age 67 and 68.
• For those born on or after April 6, 1967, would then become eligible to receive a state pension at age 68.

It's crucial to remember that these dates are not confirmed, and the above is simply an indication of what could occur. The government will make an announcement once it has precise plans, at which point we can start preparing!

Whatever happens to the state pension age, the sooner you start building your own retirement savings the better. Our guide to the magic of early pension planning shows how starting early can transform your pension pot, and if you are planning to retire overseas it is worth reading about transferring pensions when moving abroad.

You can view the current state pension ages at gov.uk.