A warning has been issued to those who have yet to receive the state pension.
The retirement age is currently 66 and people typically need 35 qualifying years to claim the full new state pension, however, according to the Express, the age is set to rise to 67 between 2026 and 2028.
This has led some analysts predicting the age will increase further as the Government looks to curb its spending. At the moment, those on the full basic state pension gets £141.85 a week and typically need 30 qualifying years to receive the payments.
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Tom Selby, head of retirement policy at wealth advisers AJ Bell, previously warned the state pension age will rise beyond 68.
Speaking to the Express, Tom said that younger workers should brace for retiring even later: “They should prepare to receive their state pension from age 70, or potentially at an even later date.”
This comes as there are growing concerns that the triple lock policy will be dropped.
Under the triple lock, the State Pension increases by whichever is largest out of September's inflation figure, average earnings growth or 2.5 per cent. If pensions increase by average earnings, which are lower than inflation, those on the New State Pension would be £443 worse off a year. In September the inflation rate hit 10.1 per cent.
Ministers ditched the average earnings element last year after a spike in earnings following the coronavirus pandemic, but Prime Minister Rishi Sunak has declined to confirm the policy will return for next year.
His press secretary said of the triple lock: “That is something that is going to be wrapped up into the fiscal statement, we wouldn't comment ahead of any fiscal statements or budgets.
"But what I can say is he has shown through his record as chancellor is that he will do what's right and compassionate for the most vulnerable."
If the triple lock returns, the new full state pension would rise to £203.85 a week, the first time it has gone above £200.
People can find out the earliest age they can claim the state pension using a tool on the Government website.
The useful tool can help a person find out several things to help them plan ahead such as:
- When they will reach State Pension age
- Their Pension Credit qualifying age
- When they will be eligible for free bus travel.
To use the tool, a person will need to input their date of birth, and the calculator then confirm when they will reach retirement age. It also shows when a person will be able to Pension Credit, which provides support for pensioners on low incomes.
Pension Credit is separate from the state pension and a person can claim the benefit even if they have other income, savings or they own their home.
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