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People in their 40s will have to work until 68

People in their 40s will have to work until 68

The government said it would conduct a further review before finalising the SPA increase "to enable consideration of the latest life expectancy projections and to allow us to evaluate the effects of current rises in state pension age". People born between 1970 and 1978 will see the pension age rise to 68 depending on their date of birth, and people born from April 1978 will get their pension when they reach 68.

Legislators must approve the change before it becomes law.

The Department for Works and Pensions (DWP) said the state pension age is regularly reviewed to make sure that the pension system is affordable and fair.

The government has announced that people will have to wait until they are 68 to qualify for the state pension from 2037.

The Scottish National Party also opposed the plan to raise the state pension age above 66.

Steven Cameron, pensions director at Aegon said that the new measures show future generations can not retire on state provision.

He said failing to act "would be irresponsible and place an extremely unfair burden on younger generations".

Age UK was even more critical of the plans, saying the government was "picking the pockets of everyone in their late 40s and younger, despite there being no objective case in Age UK's view to support it at this point in time".

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"Employers and trustees therefore need to be aware of any possible impact of state pension age changes on their own pension liabilities".

In the USA, the age to receive full social security benefits is set to rise gradually to 67. The proposed increases are really an example of the state pension age playing catch up with life expectancy. But it will gradually increase to 67 by 2029, according to the OECD.

The changes will need to be approved by parliament before they take effect.

Shadow pensions secretary Debbie Abrahams condemned the Government's "slash and burn" policies on social security, which she said would hit older people, particularly those facing health problems in later life. But from 2010, the retirement age for women was bought into line with men. Sammy Wilson, the MP for East Antrim, said it was an "an inevitable effect of increased life expectancy and improvements in the general health of the population".

'We can not allow this Government to push people to work longer and longer to pay for its failed austerity agenda.

When the modern State Pension was introduced in 1948, a 65-year-old could expect to spend 13.5 years in receipt of it - 23% of their adult life.

He said: 'When the evidence in front of us shows that life expectancy will continue to increase a little over one year every eight years that pass, fixing the state pension age at 66, as advocated by the party opposite, demonstrates a complete failure to appreciate the situation in front of us'.

The median life expectancy for a male in the United Kingdom is 86, and 89 for a female.