When State Pension age is set to increase and why - everything you need to know

Young workers across the UK are facing ever-increasing state pension ages.

Currently, the state pension age for retirees stands at 66, however, this will go up to 67 between 2026 and 2028. While an additional increase to 68 wasn't set to take place until between 2044 and 2046, a review released in 2017 called for an earlier increase between 2037 and 2039.

However, fears around an even higher increase to the state pension age have been bubbling to the surface. Some experts have warned that the retirement age could rise as high as 71.

Read more: Any women born before this date should get DWP payments, according to WASPI

Read more: All the things going up in price from April 1 including council tax, mobile phone bills and TV licences

Les Mayhew, associate head of global research at the International Longevity Centre and author of the report State Pension Age and Demographic Change, said: “In the UK, state pension age would need to be 70 or 71 compared with 66 now, to maintain the status quo of the number of workers per state pensioner. However, if instead we define the UK’s working adult populations as 20 to 64 years, to account for time spent in full time education, the state pension age might need to hit age 70+ as early as 2040 to maintain the current dependency ratio.”

The state pension age was previously brought forward between 2018 and 2020 to 66. It was once again accelerated to increase to 67 between 2026 and 2028.

The government confirmed that it will then increase to 68 between 2044 and 2046. However, it highlighted that a review will take place to see if the current timetable needs to be adjusted at all.

The next review into the state pension age is set to take place "within two years of the next Parliament".