State pension age to rise to 68 for millions of people ‘as early as 2035’
MINISTERS are preparing to raise the pension age for millions of people to 68 in the next decade.
Liz Truss said making workers stay in their jobs for longer before accessing their pots was “a decision which is yet to be made”.
Brits can start taking out their private pensions from the age of 55 under plans brought in by ex-Chancellor George Osborne, but to get state cash they must wait far longer.
The current UK state pension age is 66 for both men and women, and will go up to 67 by 2028.
Under the current plans, it will not go up to 68 until 2046 — which means it will affect anyone born after 1977.
But The Sun understands ministers are preparing to bring it forward to the mid 2030s — with experts predicting they could land on 2035.
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And they are expected to push forward a decision before Christmas to help shore up support among the markets and generate an extra £6billion in the Treasury coffers.
Yesterday the Prime Minister told Sky News: “You’re asking me to speculate about all kinds of decisions that haven't yet been made.”
She added: “We are facing a very difficult international situation, a slowing global economy, so yes I will do what it takes to fix those issues.”
A previous review — done by Sir John Cridland — hinted younger workers may have to stay in work until they are 69.
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Former pensions minister Steve Webb said: “This is a Treasury driven decision, and it may be as much about the markets as people’s working lives.
“A more aggressive schedule for a government that wants to reassure the markets could be an option.”