A reported claim suggests that an additional five million individuals might face a delay of up to a year in receiving their state pension. The current plan is for the retirement age to incrementally rise to 68 between 2044 and 2046. Yet, the Conservative government is allegedly aiming to accelerate this increase to 2037, potentially advancing it by up to seven years.

While Labour initiated a review on the state pension age last year, the government has not made a final decision. However, a report in The Times indicates that Treasury officials have informed the Office for Budget Responsibility that the state pension age is expected to rise to 68 between 2037 and 2039, deviating from the legislation set in the Pensions Act 2007.

In response to these claims, the Treasury refuted the allegations, stating that the law dictates the state pension age to increase to 68 by 2044. The government initiated the third review of the state pension age in July 2025 as mandated by law.

A potential early increase in the state pension age could impact around five million individuals aged between 49 and 55, requiring them to work longer or wait an additional year before becoming eligible for their state pension, resulting in an estimated loss of £12,500 per person. This adjustment could save the government approximately £6 billion annually starting in 2037 compared to the current schedule.

Catherine Foot, director of the Standard Life Centre for the Future of Retirement, emphasized the significance of the state pension in the UK and the challenges the government faces in balancing affordability with the increasing life expectancy of the population. She highlighted that those most affected by the rise in state pension age are often the least capable of adapting to these changes.

Former pensions minister Ros Altmann cautioned against raising the pension age as a cost-cutting measure, suggesting alternative policy reforms such as adjusting the triple lock mechanism and increasing the number of years needed for a full State Pension to avoid penalizing the least financially secure elderly individuals.

Sir Steve Webb, another former pensions minister, and a partner at Lane Clark & Peacock consultancy, indicated a widespread expectation within the government that the age increase will likely occur seven years earlier than stipulated by current law. This shift could potentially deprive around five million people of £12,500 each in entitlements. Webb urged ministers to provide clarity on this matter promptly.

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