GOOD NEWS: Government delays massive change to state pension age, affecting millions of Britons

Currently, people can claim a UK state pension at 66, this is due to rise to 67 by the end of 2028 and to 68 by the end of 2046. This was something that the government hinted was going to be brought forward. However, those plans have been shelved due to life expectancy falling in the UK, according to The Sun.

Mel Stride the Work and Pensions Secretary, made an announcement in the Commons today, Thursday March 30, stating that while life expectancy is still rising, it is doing so at a much lower pace.

The Covid19 pandemic and global inflation resulting from the war between Russia and Ukraine were also reasons he felt that it was better to review the rise to 68 again at a later date.

He said: “It’s essential the state pension remains sustainable and fair across the generations.

“Our balanced approach will help achieve this and ensure we continue to provide security and dignity in retirement for millions of people across the country.

A review is planned by the Government within two years of the next Parliament to reconsider the changes.

Technical director at Canada Life, Andrew Tully, said: “It is understandable why the Government has delayed this decision.

“However, with the cost of state pensions increasing and the current position of UK finances, we need a proper debate on the future of the state pension.

“Increases to life expectancy have not only slowed but projected to go into reverse since the last review.”

This delay is good news for millions of workers who were previously expecting to work for longer.

The Office for Budget Responsibility warned the state pension bill is set to jump from £110billion this year to £150billion within the next five years.

However, the DWP were resistant to raising the age again due to life expectancy plateauing in recent years.

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