According to independent watchdog reports, people in their early 50s and late 40s could face delayed retirement. It gets worse than this, experts warn that young people will have to work a lot more. The UK state pension age will be pushed so far back that workers in their 20s and future generations could end up working until they are 74.
Extra rises are predicted to be imposed in the 2030s, as a result of UK's ageing population. Furthermore, the Office for Budget Responsibility also forecasts that the UK state pension age may rise by nearly ten years by the 2060s. This rise will be graduate. As early as 2031 we can expect that both men and women will retire no earlier than 68. This will raise to 69 in 2034 and 70 in 2037. By 2060s the state pension age will be 74.
As expected, the idea that workers are being deprived of the state pension until well into their 70s was branded unfair and even 'unreasonable' by many critics. Life expectancy is indeed rising but this doesn't mean it's fair to push the pension age as some people might live less than others. Former pensions minister and campaigner Baroness Altmann said: "The current process is unreasonable and needs to change... I would like to see people being allowed to get their state pension sooner under certain circumstances... For example, if they've had really long working lives or if they’re not well. They should be allowed to start their pension earlier".