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The government response to a call for evidence on when to raise the State Pension age to 66.
Ensuring a fair State Pension for the pensioners of today and tomorrow is a key priority for this government. But a decent income in retirement has to be paid for at a time when people are living longer than predicted.
Under current legislation, women’s State Pension age is increasing to 65 by 2020 and the State Pension age for men and women is due to increase to 66 between 2024 and 2026. This is followed by 2 further increases, to 67 by 2036 and to 68 by 2046. However, in the light of the latest life expectancy projections and the pressures on public finances, the government believes the current timetable is now too cautious.
On 24 June, the government announced a review into the timing of the increase in State Pension age to 66. To support this review a call for evidence was published. The call for evidence closed on 6 August.
As the Chancellor announced on 20 October, the government has decided that the increase in State Pension age to 66 should be brought forward to 2020. The Government will introduce a Bill in 2011 to implement this change.
If Parliament approves the government’s proposals, the State Pension age for both men and women will rise from 65 in December 2018 to 66 by April 2020. To enable this earlier increase to 66, the equalisation timetable will be adjusted from April 2016 so that women’s State Pension age will reach 65 by November 2018.