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‘Retirement age will go beyond 68’

The Pensions Regulator chairman David Norgrove has predicted that the state pension retirement age in the UK will have to increase further than 68.

At present, the state pension age is 60 for women and 65 for men. It is set to rise to 68 for everyone by 2044 following proposals by Lord Adair Turner four years ago.

But, speaking to the BBC, Norgrove said that longevity was increasing so rapidly that millions of people would probably have to wait longer to draw a state pension.

He said: “The Government’s recent legislation is increasing the state retirement age progressively to 68. I think it will end up higher than that.”

But pensions minister Angela Eagle says: “We have absolutely no plans to make further changes to state pension age.”

Legal & General wealth policy director Adrian Boulding believes an increase beyond 68 may not save the Government any money.

He says: “If you set it as high as 70, then you risk pushing a lot of people in their late sixties into some form of disability benefit instead, so arguably setting it too high does not actually save the country anything.

“It is also too soon to be talking about increasing the state pension age further because we are nowhere near implementing the previous changes.”

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