The planned rise in the pension age to 68 will now happen earlier than originally planned.
The planned rise in the pension age to 68 will now happen by 2039, rather than by 2046 as previously planned.
The announcement was made today by the Secretary of State for Work and Pensions, David Gauke.
He told MPs; “As life expectancy continues to rise and the number of people in receipt of state pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations“.
The government has said the new rules would save the taxpayer £74bn by 2045/46.
The changes will affect those born between 6 April 1970 and 5 April 1978. Those affected are currently between the ages of 39 and 47.
Debbie Abrahams, Shadow Work and Pensions Secretary, said; “Most pensioners will now spend their retirement battling a toxic cocktail of ill-health”.