The government has launched its third review of the State Pension age. With people living longer and public finances under pressure, the review will look at whether the current retirement age is sustainable and whether further changes are needed.
The State Pension is one of the largest areas of government spending. As life expectancy rises, people are drawing a pension for longer, which increases the overall cost. Regular reviews are built into the system to make sure the State Pension age keeps pace with demographic and financial changes.
This latest review will examine: Whether the timetable for future State Pension age rises remains appropriate. How changes would balance affordability for the government with fairness for savers. Wider factors such as life expectancy, employment patterns, and population health. At present, the State Pension age is set at 66, rising to 67 by 2028 and to 68 between 2044 and 2046, although reviews may recommend bringing these changes forward.
The review will not affect anyone already receiving the State Pension, but it may shape when future generations can start claiming. The outcome will provide clarity on when today’s workers can expect to reach State Pension age.
While the State Pension plays an important role in retirement income, it is only one part of the bigger picture. Pension App makes it easier to find, combine, and track your workplace and personal pensions. By seeing all your pensions in one account, with daily value updates, you can build a clearer view of your retirement savings alongside the State Pension.
State Pension reviews are designed to keep the system fair and sustainable as circumstances change. For savers, the key is to stay informed. Pension App’s mission is to make pension management clear and accessible, giving you the tools to stay on top of your retirement planning no matter how government policy evolves.
With pensions, your capital is at risk.