UK to raise state pension age from 67 to 68 by 2039

The UK government today brought forward a planned hike in the state pension age by seven years, which will mean that nearly six million British men and women will be entitled to pensions a year later.
Under plans, the rise in the pension age to 68 will now be phased in between 2037 and 2039, rather than begin from 2044 as was earlier proposed.
Those affected are currently between the ages of 39 and 47.
"As life expectancy continues to rise and the number of people in receipt of state pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations," Secretary of State for Work and Pensions, David Gauke, told the House of Commons.

Anyone younger than 39 will have to wait for future announcements to learn what their precise pension age will be.
The change will affect those born between 6 April 1970 and 5 April 1978.

The UK government said the new rules would save the taxpayer 74 billion pounds by 2045-46. While it had been due to spend 6.5 per cent of GDP on the state pension by 2039-40, the new proposal will reduce that figure to 6.1 per cent of GDP.
The Opposition Labour party described the move as "astonishing".
Shadow work and pensions secretary Debbie Abrahams told the Commons that many men and women were beginning to suffer ill health in the early 60s, well before they were entitled to their state pension.

"Most pensioners will now spend their retirement battling a toxic cocktail of ill-health. The government talks about making Britain fairer but their pensions policy, whether it is the injustice that 1950s-born women are facing, or today's proposals, is anything but fair," she said.
The UK government has committed to regular reviews of the state pension age in the years ahead.