The official age at which millions of Britons can claim their State Pension is set to increase, with the first phase of a significant rise beginning this spring. Starting in April 2026, the State Pension age will begin its climb from 66 to 67, a change that will delay retirement income for a substantial portion of the population.
The Timeline of Pension Age Changes
The increase from 66 to 67 is not a new proposal; it has been legislated since 2014. The transition will be fully implemented for all men and women across the United Kingdom by 2028. Looking further ahead, a subsequent rise from 67 to 68 is currently scheduled to roll out between 2044 and 2046.
However, the future pace of these changes is under active review. A third review of the State Pension age commenced in July, examining critical factors like life expectancy trends, labour market dynamics, and the overall sustainability of the system. This comes as the Department for Work and Pensions (DWP) forecasts expenditure on the State Pension to soar from £146 billion in 2025/26 to £169 billion by 2029/30.
Who Will Be Affected and What Are the Payments?
Currently, 13 million people are claiming the State Pension. Of these, approximately 34% receive the New State Pension (for those who reached pension age after April 2016), while 66% are on the Basic State Pension.
Payments are protected by the Triple Lock, which guarantees an annual increase by the highest of three measures: average earnings growth, Consumer Price Index (CPI) inflation, or 2.5%. For the 2025/26 financial year, the full New State Pension is £230.25 per week (about £11,973 annually), while the full Basic State Pension is £176.45 per week (about £9,175.40 annually).
From April 2026, these rates are set to increase. The full New State Pension will rise to £241.30 weekly (£12,547 annually), and the full Basic State Pension will increase to £184.90 weekly (£9,614 annually).
Warnings and the Risk of Accelerated Change
Experts are sounding the alarm about the potential impact of accelerating the planned rise to age 68. Research from Phoenix Insights warns that bringing this increase forward to the early 2040s could delay payments for nearly 3 million people.
Patrick Thomson, Head of Research Analysis and Policy at Phoenix Insights, stated: "Bringing forward the State Pension age increase to age 68 to the early 2040s would impact nearly three million people and not everyone will be able to work to a later State Pension age." He emphasised that any future change must be paired with policies to help people work longer and save more.
The research also highlights concerning preparedness gaps among those approaching retirement:
- Only 18% of adults believe they could live on the State Pension alone.
- 35% of those aged 60-65 have no private pension savings.
- 45% of adults expect to work beyond their State Pension age to supplement their income.
The government has reiterated the principle that people should receive at least 10 years' notice of any change to their State Pension age, a safeguard implemented after controversies affected women born in the 1950s. With another review expected in this parliamentary term, clarity on the long-term timetable for the rise to 68 is anticipated soon.
