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State pension age to hit 66 by 2016

Chancellor George Osborne is expected to hike the state pension age to 66 by 2016 in today’s Comprehensive Spending Review.

This will be followed by a further two year increase the retirement age to 68 by 2038, The Daily Telegraph reports.

An acceleration in the increase in the retirement age formed part of the Conservatives pre-election manifesto. Under a Labour government, the SPA would have risen to 66 by 2026, 67 by 2036 and 68 by 2046.

Under current proposals, the SPA for women will be raised to 65 by 2020. It remains unclear whether the Government will amend this timetable if an earlier increase in the pension age for men is proposed.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. I was born in 1951 and left school at 15. I think it is totally wrong that I now have to wait an extra year to claim my pension! Its like being robbed of £5000 plus pounds!!

  2. I was born 59 years ago today. That means I too have to wait a further year. The French are rioting about a proposed increase in SPA to 62 ! Our government should cut other state benefits deeper and leave our SPA at 65. Happy birthday huh !

  3. can someone please put me right? i was born in oct 52 and thought i had just missed that pension cut as it was banded about that it would’nt come into effect till 2020. now i hear 2016 being mentioned.

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