The State Pension age is set to start its increase from 66 to 67 next year, with the rise expected to be fully in place for all men and women across the UK by 2028. This planned adjustment to the official retirement age has been on the books since 2014, with a further increase from 67 to 68 slated to occur between 2044 and 2046.

The Pensions Act 2014 brought forward the increase in the State Pension age from 66 to 67 by eight years. The UK Government also tweaked the phasing of the State Pension age increase, meaning that instead of reaching State Pension age on a specific date, individuals born between 6 March 1961, and 5 April 1977, will be eligible to claim the State Pension once they turn 67.

Experts say that people need to make plans for the changes so they won't be surprised financially. All those affected by changes to their State Pension age will receive a letter from the Department for Work and Pensions (DWP).

Chancellor Rachel Reeves last month said a review which could see the age b eing increased even further is needed to ensure the system is “sustainable and affordable”. The Government review is due to report in March 2029 and Ms Reeves said it was “right” to look at the age at which people can receive the state pension as life expectancy increases.

The state pension age is currently 66, rising to 67 by 2028 and the Government is legally required to periodically review the age.

The Chancellor told reporters: “We have just commissioned a review of pensions adequacy, so whether people are saving enough for retirement, and also the state pension age.........

© Manchester Evening News