Pensioners could be hit (Image: Getty)
An expert has warned that potential changes to the State Pension could hit Brits aged 55 and under. People born after 1971 could face a longer wait to receive their State Pension if the UK Government decides to bring forward the next planned increase in the retirement age. A pensions specialist has warned that growing pressure on public finances could lead to the State Pension age rising to 68 earlier than currently scheduled.
Under existing legislation, the State Pension age is increasing from 66 to 67 between April 2026 and 2028. A further rise to 68 is scheduled for between 2044 and 2046.
However, Andrew King, a pensions specialist at wealth management firm Evelyn Partners, has warned that the next increase could be accelerated as future governments seek ways to manage the rising cost of payments. “Double or Triple Lock, the ongoing crunch in the public finances is likely to leave future governments grappling with a soaring state pension bill unless other steps are taken to restrict it,” Mr King said.
“For instance, we could well see the next increase in the SP age, from 67 to 68, brought forward from the scheduled 2044/46 period, in an effort to address the affordability crisis. That could catch out the cohort currently 55 or younger, who might have to work longer or rethink retirement funding.”
His comments follow confirmation that the September Consumer Price Index (CPI) inflation rate was 3.5%, meaning average earnings growth of 3.9% will determine the State Pension uprating for April 2027 under the triple lock. Mr King also warned that younger workers may need to increase their private pension savings rather than purely relying on the State Pension.
He said: “The message for younger and middle-aged workers is that they can’t rely on the state pension to provide even a rudimentary living standard in retirement, and private pension savings will only become more crucial as the years go by.” The State Pension age is gradually increasing from 66 to 67, with the exact date people qualify for payments determined by their date of birth.
Under current legislation, the State Pension age will increase from 67 to 68 between 2044 and 2046 (Image: Getty)
Britons born between April 6, 1960, and March 5, 1961, face a staggered wait to claim their State Pension, with qualifying ages rising incrementally from 66 years and one month to 66 years and 11 months depending on the exact month of birth. Anyone born on or after March 6, 1961 (up to April 5, 1977) will have to wait until their 67th birthday to retire. Savers are urged to check their exact milestone date using the free State Pension age calculator on the Government’s website.
Under current legislation, the State Pension age will increase from 67 to 68 between 2044 and 2046. People born on or after April 6, 1978, currently have a State Pension age of 68, while those born between April 6, 1977, and April 5, 1978, are covered by a phased increase.
Ministers could reconsider pension age timelines, but any fast-track hike faces fierce Westminster backlash (Image: Getty)
Ministers regularly review the retirement threshold, meaning future timelines could be reconsidered, but any move to fast-track the jump to 68 would require fresh legislation. The prospect has already sparked fierce alarm in Westminster.
The cross-party Work and Pensions Committee warned in its “Transition to State Pension Age” report that pushing the goalposts back risks trapping vulnerable 66-year-olds on working-age benefits, particularly those physically unable to stay in employment. MPs highlighted past data showing poverty rates more than doubled—from 10 % to 24 %—in the year leading up to retirement following previous hikes.
The committee also exposed a devastating financial gap, noting that a single claimant receives around £425 a month on the standard Universal Credit allowance, compared with roughly £1,031 a month under the minimum income guarantee in Pension Credit. To bridge the divide, MPs urged the Government to consult on temporary Universal Credit top-ups for 66-year-olds by the end of 2026. The committee argued that the estimated £600million cost pales in comparison to the Treasury’s projected £10.5billion windfall from raising the pension age to 67.
