DWP could increase state pension age sooner than expected
Personal finance experts have taken the view that the Department for Work and Pensions ( DWP ) could be forced to hike the age sooner than expected.
State pensioners have been warned the state pension age could be hiked EARLIER than expected. Personal finance experts have taken the view that the Department for Work and Pensions ( DWP ) could be forced to hike the age sooner than expected.
The new State Pension came into effect in 2016, replacing the old State Pension which existed before it. Which pension applies to you depends on whether you reached State Pension age before the new State Pension came into force.
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Lexi Burgess, personal finance expert at free credit-score app CredAbility, told the Express: "There has been ongoing debate about accelerating this timeline to reduce financial pressures on the Treasury, with estimates suggesting an earlier increase to 68 could save around ÂŁ6 billion annually.
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"Labour has hinted that it might consider advancing this change, potentially implementing it as early as the 2030s. These changes could present significant challenges for many individuals. Our research shows that 32% of people over 50 have no pension savings beyond the state pension, and the current pension amount falls short of the estimated ÂŁ14,400 annual income needed for a minimum standard of living."
Article continues belowShe explained: "Accelerating the state pension age increase could force many older workers to delay retirement or return to employment, despite challenges such as declining health or workplace age discrimination.
"The knock-on effects could extend to families, as older individuals may struggle to provide the childcare support often relied upon by younger generations. If these proposals move forward, it's important for individuals to prioritise personal retirement planning. Exploring private pensions, maximising workplace contributions, and seeking financial advice can help mitigate the impact of a later state pension age."
The new State Pension was introduced in 2016 to replace the old State Pension (sometimes referred to as 'the basic State Pension'). Those who already qualified for the old State Pension will continue to receive it , but new claimants receive the new State Pension. Eventually, the old State Pension will be phased out completely.
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