State pension age increase ‘outrageous’ as rise could cost each Briton £1,000 | Personal Finance | Finance

The state pension age is currently 66 for both men and women but is expected to increase in the near future. A rise to 67 is already planned between 2026 and 2028, and an additional increase to 68 could happen as early as 2035, some 11 years earlier than expected. A new poll has found a staggering 85 per cent of readers oppose the increases being brought forward.

The Government regularly reviews the state pension age under the Pensions Act 2014, to examine life expectancy among other evidence, with the latest decision expected to be made by Ministers in May this year.

The increase to 68 was scheduled to occur between 2044 and 2046, yet The Sun reports that the Treasury could bring this forward to 2035. This would mean thousands of Britons having to work for longer.

A Department for Work and Pensions spokesperson recently told “No decision has been taken on changes to the state pension age. The Government is required by law to regularly review the state pension age and the second state pension age review is currently considering, based on a wide range of evidence including latest life expectancy data and two independent reports, whether the rules around state pension age remain appropriate.”

Increasing the state pension age one year earlier than timetabled could raise £9billion for the Treasure, according to LCP, a financial services provider. Yet Prime Minister Rishi Sunak and Chancellor Jeremy Hunt have been warned they are “playing with fire” if the change goes ahead.

READ MORE: State pension age ‘to rise to 68’ within 12 years under new plans

In a poll that ran from 10:45am on Wednesday, January 25, to 7:45am on Friday, January 27, asked readers: “Do you support the state pension age rise being brought forward?”

Overall, 2,647 votes were cast with the vast majority of readers, 85 per cent (2,251 people) answering “no” against the state pension age increases.

Meanwhile, 14 per cent (379 people) said “yes” in support of the rises and a further one per cent (17 people) said they did not know either way.

Dozens of comments were left below the accompanying article as readers took part in a lively discussion on the pension age.

In April the state pension is due to increase by 10.1 per cent in line with inflation, following Mr Hunt’s decision to restore the triple lock guarantee in his Autumn Statement in November.

The triple lock protects Britons retired population by ensuring that the state pension increases by the highest of average earnings increase, inflation or 2.5 per cent.

At present, the full state pension is worth £185.15 a week, while the basic state pension pays £141.85 a week. This will increase to 203.85 and £156.20 each week.

However, the increase is expected to cost each taxpayer £1,000 in the next four years, according to calculations made by the TaxPayers’ Alliance.

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