When will the State Pension age rise to 68?
The State Pension age has been under review for the past few years. Under the Government’s proposed timetable, the age will rise to 68 which is in line with life expectancy. Under the current law, the State Pension age was due to rise to 68 between 2044 and 2046, but this has changed following a more recent review.
State Pension could rise by a massive eight percent according to official forecasters.
Predictions suggest the increase could mean earnings grow by eight percent from April 2022 which would cost the Government £3bn more than previously expected.
The rise in the State Pension level in the UK remains less generous than much of Europe.
The Office for Budget Responsibility is the Government’s official, but independent, forecaster and late last year, and early this year, it predicted wages would rise by 4.6 percent.
Now, the OBR is expecting the increase to be higher, with the Bank of England suggesting the increase could hit eight percent.
