The Department for Work and Pensions (DWP) is set to enforce a gradual increase in the State Pension age, yet a significant portion of those nearing retirement do not believe this change is happening. According to a recent poll by the Standard Life Centre for the Future of Retirement, 13% of individuals aged 60 to 65 are skeptical about the state pension age rising from 66 to 67.
This change will take effect over a two-year period starting 6 April 2026 and will be fully implemented by April 2028. It applies to those born on or after 6 April 1960. Furthermore, the State Pension age is projected to increase again to 68, although this is currently scheduled for 2044 and may be subject to adjustment.
An additional 10% of respondents in the survey admitted they were unsure about the pension age increase. Hannah Martin, pensions expert and founder of Rich Retiree, cautions that many may have planned their retirement finances assuming they would receive the state pension at 66. “Such unexpected delays could mean retirees struggle to cover living costs for an extra year,” she explains. She also highlights that early reports show increasing financial hardship among pensioners, with women being disproportionately affected.
READ MORE: ‘Revolutionary’ EV Charging Upgrade Promises Huge Savings for UK Drivers
READ MORE: Why Builders Are Still Working on Birmingham New Street and When It Will Be Finished
Martin warns that this change will disrupt those relying on retirement strategies involving ISAs, savings, and other investments intended to ‘bridge’ the gap before receiving state pension benefits. “Without awareness of the rise to 67, individuals could face a significant budgeting shortfall,” she adds.
The increase in State Pension age reflects longer life expectancy compared to previous generations. Historically, women qualified for state pensions at 60 and men at 65. Starting in 2010, the pension age for women began rising to catch up with men, reaching 66 for both genders by April 2020. The government formalized plans for a rise to 67 in 2014, with a further planned increase to 68 between 2044 and 2046, though the schedule for this latter change remains under review.