State pension age to rise in just weeks with millions to work longer as ministers ignore official advice
The retirement age is set to be hiked under new Government plans
Millions are likely to have to work longer as ministers are set to raise the retirement age as early as the March Budget.
Those born in the 1970s and later will be told they need to continue working until they are 68 if Government plans go ahead.
The state pension age was already due to increase from 66 to 67 by 2028 with the next rise not due until 2046.
However, an upcoming review is set to say it should be brought forward which would help the UK’s struggling finances.
Chancellor Jeremy Hunt and Prime Minister Rishi Sunak were warned last night that they were “playing with fire” if the drastic change came before the next general election.
But ministers say they are planning to make the move as the population gets older and birth rates plummet – meaning there will be fewer younger people paying the tax bill.
A previous review stated it should come as early as 2037 but the Treasury want the change to come in 2035.
The announcement could potentially come as early as the March Budget, according to The Sun.
Head of retirement policy at AJ Bell, Tom Selby said: “Rishi Sunak will be playing with political fire. The latest official data suggests average life expectancy improvements — the main justification for state pension age increases — have gone into reverse since the pandemic.”
The Chancellor also faces opposition from Work and Pensions boss Mel Stride, who is pressing for 2042.
A government source said: “There is a real risk that more people will die before they reach retirement and can draw their pensions, given the change in life expectancy projections since 2017 if we were to bring the state pension age increase too far forward.
"That would be especially true of people in the most deprived areas of the country where life expectancy is already lower.”
The Department for Work and Pensions said no decision has been made and the by law the Government has to review the state pension age frequently.
Capital gains tax warning: Brits have just two months left to avoid Jeremy Hunt's huge stealth tax raid
China threatens 'resolute action' as US shoots down its spy balloon over the Atlantic
Number of civil servants working in Government since pandemic soars by 11 PER CENT
Nicola Bulley latest: Top forensic scientist rubbishes 'foolish' police theory - 'She is NOT in that river'
Ann Widdecombe blasts Remainers who want to rejoin EU - ‘I am tired of everything being blamed on Brexit’
Nicola Bulley latest: Police release image of key witness in latest appeal for information on disappearance
Lemsip shortage STILL rampant across UK as pharmacies tell cold and flu victims 'just go home and take paracetamol'
UK public OVERWHELMINGLY think country got bad Brexit deal, exclusive polling reveals
How to watch GB News: We're live on TV on Virgin channel 604, Freesat 216, Sky 512, Freeview 236, YouView 236. Listen wherever you are on DAB+ Radio, or if you haven't already, just download the GB News App to watch live, get breaking news alerts and catch up with all our shows on the go!