State pension age could reach 70 as current DWP timetable may be ‘misleading’
The state pension age is set to increase to 67 and then to 68.
People approaching state pension age have been warned they may have to wait longer than expected to claim their payments.
Legislation is in place for the state pension age to increase in stages from the current 66 up to 67 between 2026 and 2028 and then to 68 between 2044 and 2046.
But Neil Rayner, head of Advice at wealth firm True Potential, has cautioned people planning for their retirement that the DWP's timetable could change.
He explained: "Current Government legislation means that the state pension age will rise to 68 as soon as 2044, but this may be misleading.
"Governments have moved the goalposts for the state pension multiple times. In 2011 many women were caught out by a legislation change which created a five-year increase in their retirement age.
"Again in 2014 they brought forward the increase to the state pension age to 67 by about ten years to occur between 2026 and 2028, instead of the 2034-2036 period previously planned."
Experts recently warned that the state pension age may have to go up to 71 by 2050. Mr Rayner said that given the Government's previous changing position, "it is possible we could see the state pension reach 70 before 2050."
The Government is set to review the state pension age within two years of this Parliament, with previous suggestions the increase to 68 could be brought forward.
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The full new state pension is currently £221.20 a week and you typically need 35 years of National Insurance contributions to get the full amount.
You need to have at least 10 years of contributions to be eligible for any state pension payments.
Mr Rayner also warned there may be changes on the way to the triple lock policy, as the Government struggles to keep the state pension affordable.
He said of the new Labour Government: "Their decision to commit to maintaining the triple lock for this Parliamentary term means that they are unlikely to renege on this promise to keep the state pension affordable.
"Without significant changes, there is not much that they can do to keep the state pension affordable in the short run.
"However, it is telling that Labour haven’t recommitted to the pension lock further than this parliamentary term meaning they may be willing to change it should they win again in 2029."
