It comes as the ONS released new figures on life expectancy in the UK
The state pension age could reach 68 sooner than planned, according to an expert.
The age at which people can start claiming their state pension is set to rise to 67 between 2026 and 2028 and then further to 68 between 2044 and 2046, under the government’s current plans.
However, an expert has claimed there is “every chance” that the timetable will be brought forward.
It comes as new figures from the Office for National Statistics (ONS) reveal that life expectancy in the UK is starting to rise again.
Life expectancy stalled in the UK when the Covid pandemic hit, but despite average life expectancy still falling below pre-pandemic levels, ‘marginal’ increases have been seen since 2021, according to the ONS.
According to the latest figures, life expectancy at birth in the UK during the latest period was 78.8 years for men and 82.8 years for women, while life expectancy at age 65 was 18.5 years for men and 21 years for women.
Analysis of the figures also found that there is a 10-year gap between average male life expectancy in the area with the highest and lowest figures. In Blackpool, Lancashire, average life expectancy at birth was 73.1 years, while in Hart, Hampshire, average life expectancy at birth was 83.4 years.
Tom Selby, director of public policy at AJ Bell, said: “The huge differences in average life expectancy between regions presents a colossal challenge to a government which, at some point, will need to address the rapidly mounting cost of state pensions to the Exchequer.
“Despite life expectancy improvements stalling in recent years, the number of people celebrating their 100th birthday has more than doubled over the last two decades.
“The average cost of paying state pensions in the UK is now around £125 billion and, assuming that bill continues to grow as expected as a result of longer-term life expectancy improvements, risks placing an ever greater burden on taxpayers.”
He warned that the government could end up adjusting its timetable for raising the state pension age, with a rise to 68 potentially arriving sooner than expected.
Mr Selby said: “There are already plans in place to increase the state pension age to 67 by 2028 and 68 by 2046, but there is every chance the timetable to 68 will need to be brought forward at some stage – particularly if public finances remain in the doldrums. However, the universal nature of the state pension means doing this will inevitably hit the poorest, hardest.”
He added that revisiting the state pension age would “not be something the current administration will want to do” noting the fallout that government has seen from its decision to means-test the Winter Fuel Payment.
However, he said: “At some stage a government will need to face up to this challenge and come to a decision on what the state pension should be worth and for how long people should receive it.”
You can find out when you are expected to reach state pension age on the gov.uk website here.
