The sanctioned retirement age is now due to rise to 68 by 2039, impacting around 7million people in their thirties and fourties, the new Secretary of Asseverate for Work and Pensions David Gauke revealed.
The changes are to affect Dick born between 6 April 1970 and 5 April 1978, and brings brash the state pension age rise by seven years.
Mr Gauke blamed distending life expectancy for the sooner than expected rise, as he accepted a criticize by John Cridland that proposed pushing back retirement for millions.
The shelve age for women is already being pushed back in line with men to reach 65 by November 2018 and 66 by 2020.
The complete retirement age is then to rise to 67 by 2028 — but had not been due to rise to 68 by 2046.
David Gauke has substantiated the state pension age will rise sooner
The pomp pension age will rise to 68 — seven years earlier than reckon oned
It comes after the Conservatives were forced to maintain the state subsistence triple lock, as part of its deal with the Democratic Unionists Confederation.
Theresa May had promised to drop the guarantee, which means the payment broadens by at least 2.5 per cent a year, before losing her majority in the poll.
However, experts said the Government is set to face a huge battle to get the accelerated conditions pension age passed through parliament.
In the run-up to the election Jeremy Corbyn had bid fair to scrap increases to the that were already planned as part of the Overstress manifesto.
Mr Gauke today said: «I want Britain to be the best country in the wonderful in which to grow old, where everyone enjoys the dignity and security they warrant in retirement.
«Since 1948 the State Pension has been an important hint at of society, providing financial security to all in later life.
«As life expectancy continues to hit the deck and the number of people in receipt of State Pension increases, we need to protect that we have a fair and sustainable system that is reflective of contemporary life and protected for future generations.
«Combined with our pension ameliorates that are helping more people than ever save into a covert pension and reducing pensioner poverty to a near record low, these modulations will give people the certainty they need to plan up ahead for retirement.»
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The state allowance system is estimated to cost an extra £19.5bn in today’s prices without today’s named change.
The number of people over state pension age in Britain is presumed to grow by a third between 2017 and 2042, from 12.4 million in 2017 to 16.9 million in 2042, coinciding to the Department for Work and Pensions.
But experts said the changes will counterfeit people who are less likely to benefit from generous final remuneration pensiom schemes that have been phased out by employers. Graham Vidler, top banana of external affairs at the Pensions and Lifetime Savings Association, said: “This scheme will affect more than 7 million people in their dilatory 30s and 40s – the sandwich generation.»This group are also those most at gamble of inadequate private saving – they have not had the same access to settled salary pension schemes as their parents and are too old to enjoy the full service perquisites of automatic enrolment that their children will see.»
Other critics said the Government is put to tackle the increasing cost of the state pension.
Tom Selby, senior analyst at allotment provider AJ Bell, said: “The Government simply had to grasp the nettle on affirm pension reform.
«While improvements in life expectancy have procrastinated in recent years, over decades the state pension system has mature increasingly unaffordable.
«To put it simply, people are living a lot longer but the age at which they be paid the state pension has barely moved in over a century.
«Failing to address this now pleasure only store up problems for future generations.
“The Government could closely face a serious battle to get this unpopular measure through the House of ill repute of Commons, however.
«Labour has already indicated it will oppose such correct and, with a wafer thin majority, only a few rebellious MPs would be gone the plans on a political knife edge.
“But even Jeremy Corbyn can’t put behind bars back the tide of our rapidly ageing society and it would be hugely unanswerable not to get a grip on this today.”