State pension age ‘should be reduced’ as faster hike to 68 is ‘false economy’ | Personal Finance | Finance

Reports suggest the Government is planning to hasten the planned increase to 68, pushing it forward to the end of the 2030s, rather than 2046. It means millions of people born in the 1970s are set to be told they must work longer, according to The Sun.

However, campaigners have once again hit back at the suggestion of a state pension age rise.

Many have highlighted the potential negative implications of telling people they may need to work for a longer period of time.

Jan Shortt, general secretary of the National Pensioners’ Convention, told Express.co.uk: “The NPC has argued consistently against raising the state pension retirement age.

“It is a false economy to rely solely on increasing retirement age when those in retirement suffer poverty through an inadequate state pension.

READ MORE: State pension age hike ‘will make Tories opposition’

Original reports suggest Chancellor Jeremy Hunt may be set to announce the hike as early as the March Budget, with major implications.

However, he is facing opposition from Mel Stride, work and pensions secretary, who is eyeing a 2042 increase due to predicted increases in life expectancy failing to materialise.

Yesterday, another pension campaigner told Express.co.uk an increase to the state pension age at such a time would create a “hammer blow” for millions of Britons.

Dennis Reed, director at Silver Voices, added: “Previous justifications that the SPA should rise because life expectancy was going up, no longer apply. 

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However, individuals should be aware what the tool provides as an answer may be subject to change as the state pension age is under review.

A DWP spokesperson previously told Express.co.uk: “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. 

“The review will be published in early 2023.”