State pension age to hit 68 in 2038

Work and Pensions Secretary David Gauke accelerated by seven years the lift in the state pension age to 68

The government today said that no one born on or before 5 April 1970 will see a change to their current proposed State Pension age.

Legislators must approve the change before it becomes law.

The government has announced plans to increase the state pension age to 68 between 2037 and 2039, in line with proposals laid out in the Cridland report.

Having said that, the Government is right to identify the problems faced by workers in more physical jobs, and to encourage changes in the jobs market to help them cope with later retirement.

'This is about the government taking responsible action in response to growing demographic and fiscal pressure, ' he said.

Other issues concerning the state pension remain unresolved, however, and establishing a sustainable system for increasing the payment must be addressed sooner or later.

The Government added in a press release that "those affected by this proposed timetable will on average still receive more state pension over their lifetime than generations before them".

In the US, the age to receive full social security benefits is set to rise gradually to 67.

The state pension age is regularly reviewed to make sure that the state pension is affordable and fair. But it will gradually increase to 67 by 2029, according to the OECD.

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I would like to see more flexibility in state pension age: perhaps with a flexible band of ages at which the pension could start, or perhaps allowing people to take their state pension at a lower age, either because they are seriously ill or because they have worked for more than 50 years. Recent longevity data has suggested that improvements to United Kingdom life expectancy have plateaued.

A DWP spokesman said: "When the State Pension was introduced in 1948, a 65-year-old could expect to spend 13.5 years in receipt of it - around 23 percent of their adult life".

Shadow work and pensions secretary Debbie Abrahams said: 'This is an astonishing continuation of austerity that means 34 million people will work longer than under Labour's plans.

Shadow Work and Pensions Secretary Debbie Abrahams said: "We can not allow this Government to push people to work longer and longer to pay for its failed austerity agenda".

'That's why Labour will leave the state pension age at 66, while we look again at the emerging evidence, with a view to guaranteeing a secure and healthy retirement for the many, not just the few'.

Former CBI director John Cridland's report was released in March, and said bringing forward the state pension age increases would cut state pension spending as a proportion of GDP by 0.3 per cent compared to what the Office for Budget Responsibility had projected.

The median life expectancy for a male in the United Kingdom is 86, and 89 for a female.

The state pension launched in 1908, with the first payments coming in on 1 January 1909 to around 500,000 people over the age of 70.

In an article for the Financial Times last month Gauke said he was prepared to make "big decisions" on pensions.

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