The state pension age will now increase to 67 between 2026 and 2028. The government said it took this decision because of increasing life expectancy, to help manage the cost of state pensions.
Under current legislation, state pension age is planned to increase to:
- 66 between November 2018 and October 2020
- 67 between 2034 and 2036
- 68 between 2044 and 2046
The government has announced that the increase to 67 will now take place between 2026 and 2028.
This change to the timetable is not yet law and will require the approval of Parliament.
State pension age is planned to start to increase to 68 from 2044 and this will affect anyone born after 5 April 1977.
The message to any insurer still sticking to offering life or other insurance with age acceptance limits or cover end limits of 65 or even lower – is to wake up and realize that potential customers are going to work a lot longer in the future. Why would anyone buy a policy that stops before they retire?