State pension age under review: Will you be affected by pension age increases?

A review into the state pension age is currently ongoing. The state pension age will rise twice in the coming years if the currently scheduled increases are carried out.

The Government is required to regularly review the state pension age according to The Pensions Act 2014.

The ongoing review will consider whether the rules around the state pension age are appropriate

This is expected to be based on the latest life expectancy data, as well as other evidence.

The review must be published by May 7, 2023.

READ MORE: State pension: 500,000 Britons will not get increase in April due to frozen pensions

Life expectancy in the UK has fallen recently, leading some to question whether the age changes are still appropriate.

It is believed the COVID-19 pandemic had a significant impact on this, and as such, it may be an anomaly.

The Government states on its website: “As the number of people over State Pension age increases, due to a growing population and people on average living longer, the Government needs to make sure that decisions on how to manage its costs are robust, fair and transparent for taxpayers now and in the future.

“It must also ensure that as the population becomes older, the State Pension continues to provide the foundation for retirement planning and financial security.”

Britons can use the Government website to check their projected state pension age.

The full new state pension is currently valued at £179.60 per week.

This provides £9,339.20 for a full year, and the amount is set to rise from April 2022.

A 3.1 percent increase will be applied, taking the weekly value of the full new state pension to £185.15.

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