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Categories:Pensions,Politics

AS 2011: Osborne confirms accelerated increase in state pension age

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Chancellor George Osborne has confirmed the Government will accelerate plans to increase the state pension age to 67.

Under the previous proposals, the state pension age would have increased to 67 for both men and women between 2034 and 2036. This will now happen between 2026 and 2028.

Osborne (pictured) said the decision will allow the Government to “pay decent pensions for longer” and will save the Treasury £60bn.

The Government has already accelerated the previous Labour administration’s plans to increase the state pension age to 66 for both men and women.

The original proposals put forward by the coalition would have seen the pension age rise from 60 to 65 by 2018 before increasing to 66 for both men and women by April 2020.

The move to 66 was subsequently delayed until October 2020 due to concerns about the impact the change would have on women.

The Chancellor also used his speech to urge unions to call off Wednesday’s strike action over reforms to public sector pensions.

He said: “I would once again ask unions why they are damaging the economy and putting jobs at risk? Call off strikes, come back to the negotiating table tomorrow and agree generous pensions that are affordable to the taxpayer.”

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