Fears for millions of Brits as UK state pension age tipped to rise to 70

20 Apr 2023, 17:13

Government, Money

The UK state pension age is reportedly set to rise to 70, forcing millions of Brits to work for longer.

In a new report, the Institute for Fiscal Studies has warned that millions of people are set to face a delayed retirement. The experts claim the UK’s ageing population could mean the pension age might rise in order to maintain the proportion of people in work.

It also warned that workers, particularly those in their thirties and forties, were not saving enough for retirement. So much so that the change would mean millions of Brits will be working for years longer than they perhaps anticipated.

Brits could be working for longer (Credit: Pixabay)

UK state pension age ‘to raise to 70’

Deputy director for the Institute for Fiscal Studies, Carl Emmerson, told Sky News: “One option to help people with their retirement saving is to make the state pension more generous.

However, he added that looks “difficult”.

“But that does look difficult in a world where on the government’s projections over the next 50 years we will be spending the equivalent of £100bn more on the state pension because of the triple lock, an ageing population and because of people living longer at older ages.

“And that comes on top of an increasing bill for the NHS. The state could do more. But that already is looking difficult looking at those projections.”

The state pension age is already set to increase by 2028 from 66 to 67. And once again, it is legislated to rise in the mid-2040s to age 68.

The pension age could rise to 70, according to experts (Credit: Pixabay)

What else did the Institute for Fiscal Studies say?

A previous report said: “As an illustration of the extent to which the population is ageing, in 2050, a state pension age as high as 70 would be required to keep the share of adults aged over the state pension age at its current rate of 24%.”

The current rate is reportedly set to skyrocket in the coming years. Experts predict the figure rising to 31% by 2050. But 2070 it could reach 34%.

Read more: TV licence for over 75s: Pensioners face £1000 fine as free entitlement comes to an end

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