Autumn Statement: State pension age increase brought forward & those in 20s may have to work until they're 70

Well, in all honesty the headline sounds more exciting than it is, but it’s important nonetheless.

The state pension age rise, from 65 to 68, was planned to happen in 2046. Chancellor George Osborne will announce today in his Autumn Statement that it will be brought forward to the mid-2030s.

We know, we know – it’s hard to think about all this when it’s two to three decades away. But it does mean that those in their 40s now will have to work a couple of years longer than they thought before being entitled to state pension.

The state pension age could then increase to the ripe old age of 69 towards the end of the 2040s, the BBC reports.

Story updated 10:50am, 5 December:

Elsewhere, government sources are cited as saying the pension age could increase to 70 after that. Those currently in their 20s may have to work until they hit 70 before being able to claim state pension.

 

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NOW READ THIS: 10 things Osborne MUST include in the Autumn Statement 2013

George Osborne

 

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